plot.NAWRUfit

Plots the NAWRU and the Phillip's curve and gives diagnostic plots based on
standardized residuals for objects of class <code>NAWRUfit</code>.

The output gap indicates the percentage difference between the actual output of an economy and its potential. Since potential output is a latent process, the estimation of the output gap poses a challenge and numerous filtering techniques have been proposed. 'RGAP' facilitates the estimation of a Cobb-Douglas production function type output gap, as suggested by the European Commission (Havik et al. 2014) <https://ideas.repec.org/p/euf/ecopap/0535.html>. To that end, the non-accelerating wage rate of unemployment (NAWRU) and the trend of total factor productivity (TFP) can be estimated in two bivariate unobserved component models by means of Kalman filtering and smoothing. 'RGAP' features a flexible modeling framework for the appropriate state-space models and offers frequentist as well as Bayesian estimation techniques. Additional functionalities include direct access to the 'AMECO' <https://economy-finance.ec.europa.eu/economic-research-and-databases/economic-databases/ameco-database_en> database and automated model selection procedures. See the paper by Streicher (2022) <http://hdl.handle.net/20.500.11850/552089> for details.

Sina Streicher

RGAP

Production Function Output Gap Estimation

plot.NAWRUfit function

<dl><dt>x</dt>
<dd>An object of class <code>NAWRUfit</code>.</dd>
<dt>alpha</dt>
<dd>The significance level for the NAWRU (<code>alpha in [0,1]</code>). Only used if
<code>bounds = TRUE</code>.</dd>
<dt>bounds</dt>
<dd>A logical indicating whether significance intervals should be plotted around
the nawru. The default is <code>bounds = TRUE</code>.</dd>
<dt>path</dt>
<dd>An optional file path. If specified, the plots will be saved using the format
in <code>device</code> under the given path.</dd>
<dt>combine</dt>
<dd>A logical indicating whether the diagnostic plots should be combined or not,
the default is <code>TRUE</code>.</dd>
<dt>prefix</dt>
<dd>An optional character string to be added to the names of the plots in case
<code>path</code> is specified.</dd>
<dt>posterior</dt>
<dd>A logical indicating whether posterior diagnostics should be plotted. The
default is <code>FALSE</code>. Only applied in the case of bayesian estimation.</dd>
<dt>device</dt>
<dd>Device passed on to <code>ggplot</code> for plot saving. Options are 
<code>"eps", "ps", "tex"</code> (pictex), <code>"pdf", "jpeg", "tiff", "png", "bmp", "svg"</code> 
or <code>"wmf"</code>.</dd>
<dt>width</dt>
<dd>The plot width in case of printing.</dd>
<dt>height</dt>
<dd>The plot height in case of printing.</dd>
<dt>...</dt>
<dd>Ignored.</dd></dl>

Arguments

Plots for a NAWRUfit object — plot.NAWRUfit

<dl>

<dt>x</dt>
<dd>An object of class <code>NAWRUfit</code>.</dd>


<dt>alpha</dt>
<dd>The significance level for the NAWRU (<code>alpha in [0,1]</code>). Only used if
<code>bounds = TRUE</code>.</dd>


<dt>bounds</dt>
<dd>A logical indicating whether significance intervals should be plotted around
the nawru. The default is <code>bounds = TRUE</code>.</dd>


<dt>path</dt>
<dd>An optional file path. If specified, the plots will be saved using the format
in <code>device</code> under the given path.</dd>


<dt>combine</dt>
<dd>A logical indicating whether the diagnostic plots should be combined or not,
the default is <code>TRUE</code>.</dd>


<dt>prefix</dt>
<dd>An optional character string to be added to the names of the plots in case
<code>path</code> is specified.</dd>


<dt>posterior</dt>
<dd>A logical indicating whether posterior diagnostics should be plotted. The
default is <code>FALSE</code>. Only applied in the case of bayesian estimation.</dd>


<dt>device</dt>
<dd>Device passed on to <code>ggplot</code> for plot saving. Options are 
<code>"eps", "ps", "tex"</code> (pictex), <code>"pdf", "jpeg", "tiff", "png", "bmp", "svg"</code> 
or <code>"wmf"</code>.</dd>


<dt>width</dt>
<dd>The plot width in case of printing.</dd>


<dt>height</dt>
<dd>The plot height in case of printing.</dd>


<dt>...</dt>
<dd>Ignored.</dd>

</dl>

plot.NAWRUfit: Plots for a `NAWRUfit` object

Description

Usage

Value

Arguments