Several legal missions from the Federal Planning Bureau require the construction of long-term macroeconomic scenarios for the Belgian economy. In order to increase the consistency of these scenarios and to build them within a rigorous theoretical framework, it appeared important to develop a new...

The concepts of potential growth and output gap are important tools to evaluate the state of the business cycle and to assess the supply-side capacity of an economy. They have also become an essential ingredient of the European fiscal surveillance process. However, the global economy is facing...