Jacobson, Tor (contributor) - 2008
et
al. (2005)) and consider the output gap (i.e., the deviation of GDP from its trend value), the
yearly inflation rate … Riksbank ), and the real exchange rate.
12
The output-gap series is by construction a detrended variable. Since the real …-mentioned domestic variables are included. The aggregate time series are depicted in
Figure 2.
13
In the output-gap series in Figure 2 …