plot_gibbs_output

Plots the diagnostic plots of the posterior distribution.

internal

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_gibbs_output function

<dl><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>draws</dt>
<dd>the number of draws.</dd>
<dt>parName</dt>
<dd>the name of the parameter.</dd>
<dt>burnin</dt>
<dd>length of thw burnin phase.</dd>
<dt>mu</dt>
<dd>mean for normal distribution</dd>
<dt>prec</dt>
<dd>precision for normal distribution</dd>
<dt>shape</dt>
<dd>shape for Gamma distribution</dd>
<dt>scale</dt>
<dd>scale for Gamma distribution</dd>
<dt>shape1</dt>
<dd>shape1 for Beta distribution</dd>
<dt>shape2</dt>
<dd>shape2 for Beta distribution</dd>
<dt>ub</dt>
<dd>upper bound</dd>
<dt>lb</dt>
<dd>lower bound</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>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></dl>

Arguments

Plots the diagnostic plots of the posterior distribution. — plot_gibbs_output

<dl>

<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>draws</dt>
<dd>the number of draws.</dd>


<dt>parName</dt>
<dd>the name of the parameter.</dd>


<dt>burnin</dt>
<dd>length of thw burnin phase.</dd>


<dt>mu</dt>
<dd>mean for normal distribution</dd>


<dt>prec</dt>
<dd>precision for normal distribution</dd>


<dt>shape</dt>
<dd>shape for Gamma distribution</dd>


<dt>scale</dt>
<dd>scale for Gamma distribution</dd>


<dt>shape1</dt>
<dd>shape1 for Beta distribution</dd>


<dt>shape2</dt>
<dd>shape2 for Beta distribution</dd>


<dt>ub</dt>
<dd>upper bound</dd>


<dt>lb</dt>
<dd>lower bound</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>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>

</dl>

plot_gibbs_output: Plots the diagnostic plots of the posterior distribution.

Description

Usage

Arguments