![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
![Philipp Heimberger on Twitter: "Output gap nonsense: the IMF estimates that negative output gaps in Italy and Spain will be smaller than 2% of GDP in 2022-2023. This downward adjustment in estimates Philipp Heimberger on Twitter: "Output gap nonsense: the IMF estimates that negative output gaps in Italy and Spain will be smaller than 2% of GDP in 2022-2023. This downward adjustment in estimates](https://pbs.twimg.com/media/ElZiU-nWMAMokzP.jpg)
Philipp Heimberger on Twitter: "Output gap nonsense: the IMF estimates that negative output gaps in Italy and Spain will be smaller than 2% of GDP in 2022-2023. This downward adjustment in estimates
![Holger Zschaepitz en Twitter: "Why one monetary size fits not all: While Germany operates above trend, output gap remains huge in Spain,Italy (BBG) https://t.co/A5cDWGae4c" / Twitter Holger Zschaepitz en Twitter: "Why one monetary size fits not all: While Germany operates above trend, output gap remains huge in Spain,Italy (BBG) https://t.co/A5cDWGae4c" / Twitter](https://pbs.twimg.com/media/Cf5zxGPW4AAgeaj.jpg)
Holger Zschaepitz en Twitter: "Why one monetary size fits not all: While Germany operates above trend, output gap remains huge in Spain,Italy (BBG) https://t.co/A5cDWGae4c" / Twitter
![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)
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
![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
IIF в Twitter: "The latest Global Macro Views follow up a previous note on inflation-consistent output gaps for the U.S. and Euro zone, zooming in on the countries of Italy and Spain.
![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
![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)