![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)
![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
![An anatomy of the Spanish current account adjustment: the role of permanent and transitory factors | SpringerLink An anatomy of the Spanish current account adjustment: the role of permanent and transitory factors | SpringerLink](https://media.springernature.com/lw685/springer-static/image/art%3A10.1007%2Fs13209-020-00220-6/MediaObjects/13209_2020_220_Fig2_HTML.png)
An anatomy of the Spanish current account adjustment: the role of permanent and transitory factors | SpringerLink
![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)
![Spain is navigating through stormy economic waters, but the time for further structural reform has come. | EUROPP Spain is navigating through stormy economic waters, but the time for further structural reform has come. | EUROPP](https://blogs.lse.ac.uk/europpblog/files/2012/08/Muniz-Fig-4.jpg)
Spain is navigating through stormy economic waters, but the time for further structural reform has come. | EUROPP
![Philipp Heimberger on Twitter: "It doesn't make sense! The European Commission forecasts that the output gap in Italy (GDP < potential) next year will be 1.4%, and in Spain zero. No underutilisation Philipp Heimberger on Twitter: "It doesn't make sense! The European Commission forecasts that the output gap in Italy (GDP < potential) next year will be 1.4%, and in Spain zero. No underutilisation](https://pbs.twimg.com/media/E1kWJv6WUAE-fWR.jpg:large)
Philipp Heimberger on Twitter: "It doesn't make sense! The European Commission forecasts that the output gap in Italy (GDP < potential) next year will be 1.4%, and in Spain zero. No underutilisation
![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%.
![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/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: "... especially for youth employment. The unemployment rate for 15-24 year olds in Italy is 35%. Spain is 39%. IMF output gap estimates that say slack has disappeared Robin Brooks on Twitter: "... especially for youth employment. The unemployment rate for 15-24 year olds in Italy is 35%. Spain is 39%. IMF output gap estimates that say slack has disappeared](https://pbs.twimg.com/media/Dr7gLYUWoAEkffo.jpg)