Graff, Michael; Sturm, Jan-Egbert - In: CESifo economic studies : CESifo, a joint initiative of … 58 (2012) 1, pp. 220-251
From a theoretical perspective, the output gap is probably the most comprehensive and convincing concept to describe the cyclical position of an economy. Unfortunately, for practical purposes, the concept depends on the determination of potential output, which is an inherently unobservable...
