Bechný, Jakub - In: Národohospodářský obzor : časopis věnovaný … 19 (2019) 2, pp. 137-156
This paper presents three measures of the output gap estimated by a dynamic stochastic general equilibrium model of the Czech economy. We argue that the most plausible description of the business cycle provides the output gap defined as a deviation from a flexible price level of output, which is...