Kangur, Alvar; Kirabaeva, Koralai; Natal, Jean-Marc; … - 2019
We study the properties of the IMF-WEO estimates of real-time output gaps for countries in the euro area as well as the determinants of their revisions over 1994-2017. The analysis shows that staff typically saw economies as operating below their potential. In real time, output gaps tend to have...