Vector Space Modeling for Aggregate and Industry Sectors in Kuwait

Abstract

Trend growth in total factor productivity (TFP) is unobserved; it evolves continually over time. That assumption is inherent in the use of the Hodrick-Prescott or other bandpass filters to extract trends. Similarly, the Kalman filter/unobserved-components approach assumes that changes in the trend growth rate are normally distributed. In fact, some changes… (More)

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