Output Gap Uncertainty and Real-Time Monetary Policy

Output Gap Uncertainty and Real-Time Monetary Policy
Output gap estimates are subject to a wide range of uncertainty owing to data revisions and the difficulty in distinguishing between cycle and trend in real time. This is important given the central role in monetary policy of assessments of economic activity relative to capacity. We show that country desks tend to overestimate economic slack,... READ MORE...

Publication date: January 2015
ISBN 9781498393454
$18.00

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