significant predictors of the inflation rate. In particular, the performance of a demand indicator based on real time data …

output gap are characterised by a high degree of uncertainty, much higher than that resulting from model and estimation … uncertainty only. In particular, the evidence indicates that both the magnitude and the sign of the real-time estimates of the … euro area output gap are very uncertain. The uncertainty is mostly due to parameter instability, while data revisions seem …

inflation and growth. A genuine real-time data set for the euro area is used, including vintages of several alternative gap … clearly to a lack of any usefulness of real-time output gap estimates for inflation forecasting both in the short term (one …

inflation and growth. A genuine real-time data set for the euro area is used, including vintages of several alternative gap … clearly to a lack of any usefulness of real-time output gap estimates for inflation forecasting both in the short term (one …

output gap are characterised by a high degree of uncertainty, much higher than that resulting from model and estimation … uncertainty only. In particular, the evidence indicates that both the magnitude and the sign of the real-time estimates of the … euro area output gap are very uncertain. The uncertainty is mostly due to parameter instability, while data revisions seem …

In an economy conducted under an Inflation Targeting regime, the output gap becomes one of the most important variables … forecasting performance of all the output gaps estimators improves when we re-define core inflation to exclude some price shocks. …

following Taylor's rule but a policy where besides inflation other objectives including the output growth was also taken into …

and inflation forecasts and a comparison to revised output gap estimates from policy institutions, they find that real …