Ivan Todorov, Alexander Alexandrov
Two Combined Approaches to Estimating Bulgaria’s Cyclical Position and Business Cycle Phase
Summary:
The cyclical position and the business cycle phase of Bulgaria have been estimated using two new approaches, which combine a production function and a Hodrick-Prescott filter. The results obtained following the two approaches are similar and close to the estimates of national, European and international financial institutions. Recommendations have been made on macroeconomic policy, which is consistent with the cyclical position and the business cycle phase.
