Coenen, Günter; Smets, Frank; Vetlov, Igor - Lietuvos Bankas - 2009
This paper presents preliminary estimates of the euro area flexible-price output gap using the estimated version of the … definition of the flexible-price output gap frequently used in the literature, we show that the NAWM-based measure may at times … differ quite considerably from more traditional output gap measures and may display fluctuations of larger amplitude. The …