Using asymmetric Okun law and Phillips curve for potential output estimates: an empirical study for Romania
Using asymmetric Okun law and Phillips curve for potential output estimates: an empirical study for Romania

Summary/Abstract: Having in view the economic crisis that Romania has crossed and the delayed effects on the macroeconomic indicators, the objective of the paper is the study of the modifications incurred on the unemployment time varying NAIRU and output gaps paths. Using some computed data in previous works, and also quarterly data from NIS Statistics and NBR statistics, in the paper it is estimated time varying NAIRU using Phillips asymmetric curve approach and Kalman Filter approach as well. The output gaps computing is based on time varying NAIRU recalculated in this article and symmetric and asymmetric dynamic Okun’s laws.

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