Granados, Camilo; Parra-Amado, Daniel - 2023
This study examines whether and how important it is to adjust output gap frameworks during the COVID-19 pandemic and … consumption with output whose residuals are scaled up around the COVID-19 period. Our results indicate that (i) a single … any adjustment may lead to over- or underestimating the gap, too-quick gap recoveries after downturns, or too …