Berger, Tino; Bolls, Paul David; Morley, James C.; … - In: Oxford open economics 1 (2022), pp. 1-16
We consider which labor market variables are the most informative for estimating and nowcasting the US output gap using … about the output gap. Instead, we show that the alternative U-2 unemployment rate (job losers as a percentage of the labor … of the output gap to real labor costs in a New Keynesian setting, we also find that average hourly earnings are …