This paper provides evidence on the reliability of euro area real-time output gap estimates. A genuine real-time data … set for the euro area is used, including vintages of several sets of euro area output gap estimates available from 1999 to … magnitude and the sign of the real-time estimates of the euro area output gap are very uncertain. The uncertainty is mostly due …

predicting euro area inflation. Excess liquidity is measured as the difference between the actual money stock and its fundamental …

This paper explores the long run relationship between public and private investment in the euro area in terms of … investment might have restricted private investment and GDP growth in the euro area. The results have strong implications for the … future direction of fiscal austerity programs to combat the euro area debt crisis. …

This paper explores the long run relationship between public and private investment in the euro area in terms of … investment might have restricted private investment and GDP growth in the euro area. The results have strong implications for the … future direction of fiscal austerity programs to combat the euro area debt crisis. …