We examine the importance of adjusting output gap frameworks during large-scale
disruptions, with a focus on the COVID-19 pandemic. Such adaptation can be crucial given …

Measuring output gaps and assessing business cycle synchronization across countries is an
especially important topic within an economic union. However, different empirical models …

We measure the Euro Area (EA) output gap and potential output using a non-stationary
dynamic factor model estimated on a large dataset of macroeconomic and financial …

We extend a standard multivariate filter used to estimate the Output Gap (OG) in Chile to
account for large economic shocks, such as those observed during the COVID-19 crisis. We …

We investigate the relationship between the four main inflation components (services, NEIG,
energy, and food) and wages in the euro area. Using a panel vector autoregressive (PVAR) …

La crisis del COVID-19 ha presentado desafıos sustanciales para macroeconomistas y
hacedores de polıtica. En particular, un choque macroeconómico de esta magnitud …

We perform several trend-cycle decompositions through the lens of two unobserved
components models, herein estimated for Portugal and the euro area. Our procedure copes …

By using the composite coincident indicator, we document the real-time nowcasting
performance of Latvian GDP growth during the COVID-19 period. The Latvian Economic …

Recessions and expansions are often caused or reinforced by developments in private
consumption-the largest component of aggregate demand-which, as a result, varies over the …

I investigate the implications of the zero lower bound (ZLB) in a structural New-Keynesian
model for the euro area. The medium-scale DSGE model accommodates forward guidance …