![Output gap nonsense': Understanding the budget conflict between the EC and Italy's government (news article) Output gap nonsense': Understanding the budget conflict between the EC and Italy's government (news article)](https://wiiw.ac.at/files/news/images/386-1478-big.jpg)
Output gap nonsense': Understanding the budget conflict between the EC and Italy's government (news article)
![Robin Brooks on Twitter: "@Brad_Setser Spain is another example of potential GDP bending down to,validate the slow recovery. That yields an output gap that is small, but this estimate doesn't capture economic Robin Brooks on Twitter: "@Brad_Setser Spain is another example of potential GDP bending down to,validate the slow recovery. That yields an output gap that is small, but this estimate doesn't capture economic](https://pbs.twimg.com/media/DsGAid2WwAAFc9R.jpg)
Robin Brooks on Twitter: "@Brad_Setser Spain is another example of potential GDP bending down to,validate the slow recovery. That yields an output gap that is small, but this estimate doesn't capture economic
![5d SVAR indicator of output gap, structural net lending, expenditure... | Download Scientific Diagram 5d SVAR indicator of output gap, structural net lending, expenditure... | Download Scientific Diagram](https://www.researchgate.net/profile/Martin-Larch/publication/262278415/figure/fig35/AS:476486886006787@1490614734461/d-SVAR-indicator-of-output-gap-structural-net-lending-expenditure-and-revenues.png)
5d SVAR indicator of output gap, structural net lending, expenditure... | Download Scientific Diagram
![Robin Brooks on Twitter: "Campaign against Nonsense Output Gaps (CANOO): if Italy's output gap really is near zero, as the European Commission says (lhs), why is inflation still so low? Likely because Robin Brooks on Twitter: "Campaign against Nonsense Output Gaps (CANOO): if Italy's output gap really is near zero, as the European Commission says (lhs), why is inflation still so low? Likely because](https://pbs.twimg.com/media/ENtImXAXUAE2M-p.png)
Robin Brooks on Twitter: "Campaign against Nonsense Output Gaps (CANOO): if Italy's output gap really is near zero, as the European Commission says (lhs), why is inflation still so low? Likely because
![Spanish Economy Secretary Jose Manuel Campa speaks during an interview with Reuters at Madrid's Economy Ministry February 17, 2010. Campa said that the much-maligned construction sector would rebound, although to levels below Spanish Economy Secretary Jose Manuel Campa speaks during an interview with Reuters at Madrid's Economy Ministry February 17, 2010. Campa said that the much-maligned construction sector would rebound, although to levels below](https://c8.alamy.com/comp/2D2AXJ6/spanish-economy-secretary-jose-manuel-campa-speaks-during-an-interview-with-reuters-at-madrids-economy-ministry-february-17-2010-campa-said-that-the-much-maligned-construction-sector-would-rebound-although-to-levels-below-those-of-boom-time-adding-to-growth-in-other-sectors-to-close-the-output-gap-of-an-economy-which-contracted-by-36-percent-last-year-picture-taken-february-17-2010-to-match-interview-spain-economy-reutersjuan-medina-spain-tags-business-politics-2D2AXJ6.jpg)
Spanish Economy Secretary Jose Manuel Campa speaks during an interview with Reuters at Madrid's Economy Ministry February 17, 2010. Campa said that the much-maligned construction sector would rebound, although to levels below
![Output gap nonsense': Understanding the budget conflict between the EC and Italy's government (news article) Output gap nonsense': Understanding the budget conflict between the EC and Italy's government (news article)](https://wiiw.ac.at/files/news/images/386-1477.jpg)
Output gap nonsense': Understanding the budget conflict between the EC and Italy's government (news article)
![Output gap nonsense': Understanding the budget conflict between the EC and Italy's government (news article) Output gap nonsense': Understanding the budget conflict between the EC and Italy's government (news article)](https://wiiw.ac.at/files/news/images/386-1478.jpg)
Output gap nonsense': Understanding the budget conflict between the EC and Italy's government (news article)
![Robin Brooks on Twitter: "In our work on inflation-consistent output gaps, @adam_tooze, @heimbergecon & I have shown that depressed inflation says Italy has an output gap of -7% (GDP<potential) and Spain -5%. Robin Brooks on Twitter: "In our work on inflation-consistent output gaps, @adam_tooze, @heimbergecon & I have shown that depressed inflation says Italy has an output gap of -7% (GDP<potential) and Spain -5%.](https://pbs.twimg.com/media/EQRBUAsWkAE877l.png)
Robin Brooks on Twitter: "In our work on inflation-consistent output gaps, @adam_tooze, @heimbergecon & I have shown that depressed inflation says Italy has an output gap of -7% (GDP<potential) and Spain -5%.
![Spanish Economy Secretary Jose Manuel Campa speaks during an interview with Reuters at Madrid's Economy Ministry February 17, 2010. Campa said that the much-maligned construction sector would rebound, although to levels below Spanish Economy Secretary Jose Manuel Campa speaks during an interview with Reuters at Madrid's Economy Ministry February 17, 2010. Campa said that the much-maligned construction sector would rebound, although to levels below](https://c8.alamy.com/comp/2D2CBKT/spanish-economy-secretary-jose-manuel-campa-speaks-during-an-interview-with-reuters-at-madrids-economy-ministry-february-17-2010-campa-said-that-the-much-maligned-construction-sector-would-rebound-although-to-levels-below-those-of-boom-time-adding-to-growth-in-other-sectors-to-close-the-output-gap-of-an-economy-which-contracted-by-36-percent-last-year-picture-taken-february-17-2010-to-match-interview-spain-economy-reutersjuan-medina-spain-tags-business-politics-2D2CBKT.jpg)