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Table 13 Co-movement of the HP output gap between Greece and OECD

From: Market and political power interactions in Greece: an empirical investigation

t − 2

t − 1

t

t + 1

t + 2

− 0.21

0.27

0.55

0.50

0.40

  1. (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