Marcellino, Massimiliano; Musso, Alberto - 2010
This paper provides evidence on the reliability of euro area real-time output gap estimates. A genuine real-time data … set for the euro area is used, including vintages of several sets of euro area output gap estimates available from 1999 to … 2006. It turns out that real-time estimates of the output gap are characterised by a high degree of uncertainty, much …