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The output gap and the real interest rate gap in the euro area, 1960–2003

✍ Scribed by Philippine Cour-Thimann; Rasmus Pilegaard; Livio Stracca


Book ID
113748145
Publisher
Elsevier Science
Year
2006
Tongue
English
Weight
365 KB
Volume
28
Category
Article
ISSN
0161-8938

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## Abstract We develop a new version of the production function (PF) approach for estimating the output gap of the euro area. Assuming a CES (constant elasticity of substitution) technology, our model does not call for any (often imprecise) measure of the capital stock and improves the estimation o