Define Output gap. Output gap synonyms, Output gap pronunciation, Output gap translation, English dictionary definition of Output gap. n economics a situation in which total spending in an economy is insufficient to buy all the output that can be produce
What is the output gap? There are many definitions in the economics literature, all of which have a long history. I discuss three alternatives: the deviation of output from its long-run stochastic trend (i.e., the "Beveridge-Nelson cycle"); the deviation of output from the level ...
2019, International Review of Economics and Finance Citation Excerpt : Interestingly, the output gap exhibits a low level of volatility during the GFC/ZLB, just a bit higher than during the GM (Fig. 2). The low variances of the output gap over the GM period are due to the fact that, ...
M Melolinna,M Tóth - 《Empirical Economics》 被引量: 1发表: 2019年 Mind the Output Gap: The Disconnect of Growth and Inflation during Recessions and Convex Phillips Curves in the Euro Area We develop a theoretical model that features a business cycle鈥恉ependent relation between output, price...
If the resulting aggregate output is less than potential output, then this will cause a recessionary output gap (aka recessionary gap), leading to a fall in employment and inflation.By contrast, when aggregate expenditure exceeds aggregate output, inventories fall, causing firms to hire more ...
Estimating the output gap in real time: A factor model approach By using a dynamic factor model, we can substantially improve the reliability of real-time output gap estimates for the U.S. economy. First, we use a facto... KA Aastveit,TG Trovik - 《Quarterly Review of Economics & ...
The article deals with the current scale of the output gap in Great Britain as of January 2011. An overview of factors affecting the level of capacity output in the country is provided. According to analysts, the permanent rise of the user cost of capital that follows from a re-evaluation ...
First, we compare, based on the ratio of output-gap variability to inflation variability, the monetary policy performance of eleven EMU countries for the whole period of the EMS. Second, we examine whether the introduction of an implicit inflation-targeting by the EMU member countries after the ...
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The term output gap refers to the difference between the actual output of aneconomyand the maximum potential output of an economy expressed as a percentage ofgross domestic product (GDP). A country's output gap may be either positive or negative. A negative output gap suggests that actual eco...