Marcellino, Massimiliano; Musso, Alberto - C.E.P.R. Discussion Papers - 2010
This paper provides evidence on the reliability of euro area real-time output gap estimates, including those provided … several sets of euro area output gap estimates available from 1999 to 2006. It turns out that real-time estimates of the … euro area output gap are very uncertain. The uncertainty is mostly due to parameter instability, while data revisions seem …