Alberola, Enrique; Estrada, Ángel; Santabárbara, Daniel - Banco de España - 2013
called ‘Great Moderation’. During that period, potential growth estimates were trending upwards and output gaps remained … external indicators. This allow us to reassess the behavior of output gaps in the US, the UK, Spain, Germany and China both in … rates are more stable than potential growth resulting in output gaps that were substantially larger in the period prior to …