01547cas a2200253 a 4500 AALejournalIMF016186 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513527864 1018-5941 BD-DhAAL BD-DhAAL Chen, Jiaqian. Measuring Output Gap : Is It Worth Your Time? / Jiaqian Chen, Lucyna Gornicka. Washington, D.C. : International Monetary Fund, 2020. 1 online resource (28 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students We apply a range of models to the U.K. data to obtain estimates of the output gap. A structural VAR with an appropriate identification strategy provides improved estimates of output gap with better real time properties and lower sensitivity to temporary shocks than the usual filtering techniques. It also produces smaller out-of-sample forecast errors for inflation. At the same time, however, our results suggest caution in basing policy decisions on output gap estimates. Mode of access: Internet Gornicka, Lucyna. IMF Working Papers; Working Paper ; No. 2020/024 Full text available on IMF http://elibrary.imf.org/view/journals/001/2020/024/001.2020.issue-024-en.xml IMF e-Library