IMF paper searches for deeper insight into the output gap

IMF headquarters in Washington, DC

A working paper published by the International Monetary Fund (IMF) attempts to provide a "unified, natural concept" for the estimation and decomposition of the output gap.

The paper, What Is In Your Output Gap?, by Michal Andrle, breaks the output gap into its components using linear filters. Andrle believes it is the first study to do so. "Such a representation provides insight into which variables contribute to the estimate of the unobserved variables, and at what frequencies," he writes.


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