The Chilean Output Gap

This paper estimates the potential output (and the output gap) in Chile using several different methodologies. After a structural brake in 1998, the average growth rate of potential output in Chile declined from over 7 percent to 3-4 percent in the aggregate economy, but to less than 2 percent in the natural resource sector. The contributions to aggregate potential output growth of the natural resource sector and the non-natural resource sector are estimated, finding that the contribution to growth of the natural resource sector is non-linear-increasing during the 1990s, declining during the 2000s, and turning negative in the mid-2000s-despite the monotonic decrease in the share of natural resource output in aggregate output.
Publication date: January 2011
ISBN: 9781455211807
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Topics covered in this book

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Economics- Macroeconomics , Economics / General , International - Economics , natural resource , natural resource sector , real gdp , gdp growth , growth rate , growth rates , total factor productivity , business cycles , copper , gdp growth rates , fast economic growth

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