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2 ) a policypreventsoutput gaps
that they can use monetary policyto influenceoutput gap
shifts in the long - run aggregate supply while Keynes ' maintained that output gaps were created by wage and price rigidities(passive) were caused byoutput gaps
Output gap : money supply and consumer price index GrangercauseOutput gap
important factorsinfluencingoutput gap
a mix of lower population growth and slower pace of innovation(passive) caused byoutput gap
tho he admitssettingoutput gap
AD shiftswill causeoutput gaps
Material wastealso causesoutput gaps
persistent autonomous expenditure and financial disturbancescreateoutput gaps
The previous point ... in whichprovokedoutput gap
Recessionscreateoutput gaps
demand leakage(passive) caused byoutput gaps
Fiscal consolidationscreateoutput gaps
OPEC producers(passive) created bythe output gaps
the sanctionscreatedoutput gap
staying in the euro(passive) created byThe output gaps
too much or too little total spendingcausesoutput gaps
short , aggregate demand shockscreateoutput gaps
the GFC in the US(passive) created bythe output gaps
the recession(passive) caused byoutput gap
the COVID-19(passive) caused bythe output gaps
WPI manufacturing inflation %leadsWPI manufacturing inflation %
inflation to increase or decreasecan causeinflation to increase or decrease
pressure for the rate of inflation to changecreatepressure for the rate of inflation to change
to lower levels of inflation and higher unemploymentleadto lower levels of inflation and higher unemployment
inflation to increase ( if expansionary gap ) or decrease ( if recessionary gapcan causeinflation to increase ( if expansionary gap ) or decrease ( if recessionary gap
to disinflation and when the economy is producing more than potential estimatesleadto disinflation and when the economy is producing more than potential estimates
core inflation ULCs explain current stickiness in core prices Sourceleadscore inflation ULCs explain current stickiness in core prices Source
into additional downward pressure on underlying inflation , which has already fallen below 5 percentresultinginto additional downward pressure on underlying inflation , which has already fallen below 5 percent
into additional downward pressure on underlying inflation , which has already fallen below 5 per centresultinginto additional downward pressure on underlying inflation , which has already fallen below 5 per cent
disinflation ... and there are large output gaps in every major economycausedisinflation ... and there are large output gaps in every major economy
from the great recessionwas createdfrom the great recession
endogeneity problem(passive) created byendogeneity problem
up to the crisisleadingup to the crisis
in the real sectorcreatedin the real sector
to inflationary expectations , fiscal retrenchment , external sector solvency issue and enhance effectiveness of social protectionleadingto inflationary expectations , fiscal retrenchment , external sector solvency issue and enhance effectiveness of social protection
macroeconomic instabilitycreatemacroeconomic instability
using HodrickPrescott filtercreatedusing HodrickPrescott filter
a fall in the price levelcreatea fall in the price level
from model in Tableresultfrom model in Table
to gradually narrowis setto gradually narrow
from misapplication of inkresultfrom misapplication of ink
to worsen in 2020setto worsen in 2020
to reduced capital investmentshave ledto reduced capital investments
wages and other factor prices to changecausewages and other factor prices to change