using output, inflation and unemployment systems. In order to assess the reliability of an output gap estimate two criteria … are adopted. Firstly, the estimate should have forecasting power over inflation. Secondly, the ex post statistical … hand, our UC models for the output gap have limited forecasting power for inflation, since they underperform an arbitrary …

conditions of the new member states (NMS). This paper makes a case for a more flexible interpretation of the Maastricht inflation … criterion and proposes a different specification. Further, it examines the compatibility of inflation and exchange rate …

disturbances to the union as a whole to the extent consistent with low inflation. This would leave mostly idiosyncratic …