![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
![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
![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%.
![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
![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
![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)
![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)