Barkema, Jelle; Gudmundsson, Tryggvi; Mrkaic, Mico - 2020
Estimates of output gaps continue to play a key role in assessments of the stance of business cycles. This paper uses … analysis techniques are deployed to assess how estimates of output gaps are used in Fund surveillance. The results reveal no … need for continued caution in relying on output gaps for real-time policymaking and policy assessment …