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How big is the output gap?

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Author Info

  • Justin Weidner
  • John C. Williams

Abstract

This Economic Letter examines measurement of potential output, focusing on how big the output gap—and the resulting downward pressure on inflation—is today.

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File URL: http://www.frbsf.org/publications/economics/letter/2009/el2009-19.html
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File URL: http://www.frbsf.org/publications/economics/letter/2009/el2009-19.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of San Francisco in its journal FRBSF Economic Letter.

Volume (Year): (2009)
Issue (Month): jun12 ()
Pages:

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Handle: RePEc:fip:fedfel:y:2009:i:jun12:n:2009-19

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Related research

Keywords: Productivity ; Monetary policy ; Input-output analysis;

References

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  1. Athanasios Orphanides, 2002. "Monetary-Policy Rules and the Great Inflation," American Economic Review, American Economic Association, vol. 92(2), pages 115-120, May.
  2. Edge, Rochelle M. & Kiley, Michael T. & Laforte, Jean-Philippe, 2008. "Natural rate measures in an estimated DSGE model of the U.S. economy," Journal of Economic Dynamics and Control, Elsevier, vol. 32(8), pages 2512-2535, August.
  3. Jordi Gali, 1999. "Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations?," American Economic Review, American Economic Association, vol. 89(1), pages 249-271, March.
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Citations

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Cited by:
  1. Hess Chung & Jean‐Philippe Laforte & David Reifschneider & John C. Williams, 2012. "Have We Underestimated the Likelihood and Severity of Zero Lower Bound Events?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44, pages 47-82, 02.
  2. Andrew Hughes Hallett & Ansgar Rannenberg & Sven Schreiber, 2014. "New Keynesian versus old Keynesian government spending multipliers - A comment," CDMA Working Paper Series 201404, Centre for Dynamic Macroeconomic Analysis.
  3. Don Nakornthab & Jittapa Prachuabmoh & Tientip Subhanij & Kessarin Tansuwanarat, 2009. "Challenges in the New Global Macroeconomic and Financial Environment," Working Papers 2009-03, Economic Research Department, Bank of Thailand.
  4. Roberto M. Billi, 2011. "Output gaps and monetary policy at low interest rates," Economic Review, Federal Reserve Bank of Kansas City, issue Q I.
  5. Charles A. Fleischman & John M. Roberts, 2011. "From many series, one cycle: improved estimates of the business cycle from a multivariate unobserved components model," Finance and Economics Discussion Series 2011-46, Board of Governors of the Federal Reserve System (U.S.).
  6. John C. Williams, 2009. "Heeding Daedalus: Optimal Inflation and the Zero Lower Bound," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 40(2 (Fall)), pages 1-49.

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