About this work
Examines whether persistent weak demand and unequal financial conditions left more economic slack in eurozone periphery economies than conventional output-gap estimates suggested before the pandemic.
The paper connects output-gap measurement to the policy debate on Europe's uneven recovery. It examines real financing conditions, inflation and labor-market slack in peripheral eurozone economies. Published in a personal capacity with Robin Brooks.
Cite this work
Robin Brooks, Jonathan Fortun (2020). Eurozone Output Gaps and the COVID-19 Shock. Intereconomics, 55(5), 291–296. https://doi.org/10.1007/s10272-020-0918-9