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The U.S. capacity utilization rate : a new estimation approach / by René Lalonde.: FB3-2/99-14E-PDF

The recent strength of the U.S. economy and historically low rates of inflation have sparked considerable debate among economists and Federal Reserve officials. In order to better explain the recent behaviour of inflation, some observers have raised the concept of a non-accelerating inflation capacity utilization rate (NAICU). In this study, the author presents a new methodology to estimate the NAICO. A simple structural vector autoregression, including industrial production, the inflation rate, and the long-run real interest rate, is used to identify production capacity.--Abstract

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Publication information
Department/Agency
  • Bank of Canada.
TitleThe U.S. capacity utilization rate : a new estimation approach / by René Lalonde.
Series title
  • Bank of Canada working paper 1701-9397 99-14
Publication typeMonograph - View Master Record
Language[English]
FormatDigital text
Electronic document
Other formatsPhysical text-[English]
Note(s)
  • "The recent strength of the U.S. economy and historically low rates of inflation have sparked considerable debate among economists and Federal Reserve officials. In order to better explain the recent behaviour of inflation, some observers have raised the concept of a non-accelerating inflation capacity utilization rate (NAICU). In this study, the author presents a new methodology to estimate the NAICO. A simple structural vector autoregression, including industrial production, the inflation rate, and the long-run real interest rate, is used to identify production capacity."--Abstract.
  • The catalogue number (FB3-2/99-14E), ISBN (0-662-28178-0), and ISSN (1192-5434) for the print edition have been incorrectly copied in this electronic publication.
  • Bibliography.
  • Résumé en français.
Publishing information
  • Ottawa - Ontario : Bank of Canada September 1999.
Description27p.graphs, tables
ISSN1701-9397
Catalogue number
  • FB3-2/99-14E-PDF
Subject terms
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