t − 2 | t − 1 |
t
| t + 1 | t + 2 |
---|
− 0.21 | 0.27 | 0.55 | 0.50 | 0.40 |
- (i) Annual data over the period 1970–2014; (ii) per capita GDP is in constant 2010 prices and constant PPPs and detrended with the HP filter with a smoothing parameter of 100; and (iii) output gap is defined as the ratio of the HP filter cyclical component over the corresponding HP trend