Andres, Javier; López-Salido, J. David; Nelson, Edward - Federal Reserve Bank of St. Louis - 2005
specification is chosen. Consequently, the alternative model specifications deliver similar estimates of the U.S. output gap series … violate the natural rate hypothesis by allowing output to differ from potential in steady state. In this paper we estimate a …, but the empirical behavior of the gap series differs substantially from standard gap estimates. …