Slovakian economists build new framework for estimating output gap

Working paper stresses the need to generate ‘meaningful’ estimates in real time


A working paper, published on Tuesday by the National Bank of Slovakia, combines a variety of estimation techniques to produce "more robust" figures on the country's output gap.

In Finding Yeti: More Robust Estimates of Output Gap in Slovakia, Ľudovít Ódor and Judita Jurašeková Kucserová argue there is a need for "meaningful" estimates of the gap to be available in real time.

However, in small countries with a "short history and many structural breaks" estimating the output gap "is more an art

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