"The Great Recession" was preceded by a prolonged period of high growth accompanied by low and stable inflation, the so called "The Great Moderation". In Spain, a similar pattern was observed: in fact, potential growth estimates were trending upwards, implying that output gaps remained...

The Great Recession (2009/10) resulted in the need of different economic policies and structural reforms to boost economic growth both in the advanced and in the emerging economies. In this paper, we start from a theoretical concept that is relatively new - the modified output gap (MOG), based...

Over the last decades, the estimation of the slack in the economy has become an essential piece of analysis for policymakers, both on the monetary policy and the fiscal policy front. Output gap estimation techniques have flourished accordingly, although there is no consensus on a best-performing...