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This paper extends the multivariate filter approach of estimating potential output developed by Alichi and others (2018) to incorporate labor market hysteresis.

Estimates of potential output and the neutral short-term interest rate play important roles in policy making. However, such estimates are associated with signif

We study the properties of the IMF-WEO estimates of real-time output gaps for countries in the euro area as well as the determinants of their revisions over 199

We study the properties of the IMF-WEO estimates of real-time output gaps for countries in the euro area as well as the determinants of their revisions over 199

Estimates of potential output are an important component of a structured forecasting and policy analysis system. Using information on capacity utilization, this