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|c 5.00 USD
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|z 9781451874457
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Ubide, Angel.
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|a Mind the Gap :
|b What is the Best Measure of Slack in the Euro Area? /
|c Angel Ubide, Kevin Ross.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2001.
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| 300 |
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|a 1 online resource (36 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a Assessing the magnitude of the output gap is critical to achieving an optimal policy mix. Unfortunately, the gap is an unobservable variable, which, in practice, has been estimated in a variety of ways, depending on the preferences of the modeler. This model selection problem leads to a substantial degree of uncertainty regarding the magnitude of the output gap, which can reduce its usefulness as a policy tool. To overcome this problem, in this paper we attempt to insert some discipline into this search by providing two metrics-inflation forecasting and business cycle dating-against which different options can be evaluated using aggregated euro-area GDP data. Our results suggest that Gali, Gertler, and Lopez-Salido's (2001) inefficiency wedge performs best in inflation forecasting and production function methodology dominates in the prediction of turning points. If, however, a unique methodology must be selected, the quadratic trend delivers the best overall results.
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|a Mode of access: Internet
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|a Ross, Kevin.
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|a IMF Working Papers; Working Paper ;
|v No. 2001/203
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2001/203/001.2001.issue-203-en.xml
|z IMF e-Library
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