Orphanides, Athanasios; Norden, Simon van - Federal Reserve Board (Board of Governors of the … - 1999
reliability of the measurement of the output gap has attracted relatively little academic study. Furthermore, both the academic … to estimate the current (i.e. end-of-sample) output gap without the benefit of knowing the future, most studies … revisions of the output gap are of the same order of magnitude as the output gap itself, that these ex post revisions are highly …