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Is the output gap a faulty gauge for monetary policy?

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Abstract

Policymakers look to the output gap as a measure of how the economy is performing. However, different methods of computing the output gap can lead to vastly different results, rendering it a potentially poor guide.

Suggested Citation

  • Thomas A. Lubik, 2010. "Is the output gap a faulty gauge for monetary policy?," Richmond Fed Economic Brief, Federal Reserve Bank of Richmond, issue Jan.
    • Handle: RePEc:fip:fedreb:y:2010:i:jan:n:10-01
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    Cited by:

    1. Rizki E. Wimanda & Paul M. Turner & Maximilian J. B. Hall, 2013. "The shape of the Phillips curve: the case of Indonesia," Applied Economics, Taylor & Francis Journals, vol. 45(29), pages 4114-4121, October.
    2. Romain Bouis & Ane Kathrine Christensen & Boris Cournède, 2013. "Deleveraging: Challenges, Progress and Policies," OECD Economics Department Working Papers 1077, OECD Publishing.
    3. Roberto M. Billi, 2011. "Output gaps and monetary policy at low interest rates," Economic Review, Federal Reserve Bank of Kansas City, vol. 96(Q I).
    4. Elise Marifian & Scott A. Wolla, 2012. "The output gap: a “potentially” unreliable measure of economic health?," Page One Economics Newsletter, Federal Reserve Bank of St. Louis, issue nov, pages 1-3, November.

    More about this item

    Keywords

    Inflation (Finance); Monetary policy;

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