Kempkes, Gerhard - Deutsche Bundesbank - 2012
Most EU member states will adopt fiscal rules that refer to cyclically-adjusted borrowing limits. Under the standard …-time output gaps used to calculate cyclical components balance over time. We analyse real-time output gaps for EU-15 countries … over the 1996-2011 period as estimated by the EU, the IMF and the OECD. Compared to each institution's final estimate, we …