RDP 2002-06: Output Gaps in Real Time: are they Reliable Enough to use for Monetary Policy?
Equation
L
=
Ψ
T
Ψ
+
2
Ψ
T
A
Y
∗
+
Y
∗
T
A
T
A
Y
∗
+
λ
P
C
Y
∗
T
(
D
0
−
D
1
)
T
G
2
T
G
2
(
D
0
−
D
1
)
Y
∗
.
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