Cusinato, Rafael Tiecher; Minella, André; Júnior, … - Central Bank of Brazil, Research Department - 2010
analyze the revision of the IP-based output gap, we use three methods to extract the trend: HP filter, linear trend and … quadratic trend. The output gap revisions are substantial in all methods, with average absolute revisions from 1.3 p.p. to 3.2 p ….p. In two out of the three methods, the revision implied changes in the output gap sign in 30 percent or more of the time …