id	author	title	date	pages	extension	mime	words	sentences	flesch	summary	cache	txt
work_rwj6sjifszdancgeltwvlkvppq	Carlos Cuerpo	Estimating output gap: a beauty contest approach	2018	30	.pdf	application/pdf	10622	2695	77	Keywords Spanish economy · Output gap · Kalman filter · Business cycle conditions as ultimately the acceptance of a specific output gap estimate must pass the the output gap and the second one to its estimation by means of the Kalman filter. The structural decomposition provides an efficient way to estimate the output gap 3 In the Spanish case, GDP can be modeled following an I(1) structure plus a highly persistent Markovswitching drift, as shown in Cuevas and Quilis (2017). Finally, there are three main issues to set before performing the estimation of the different combinations: (a) the cyclical behavior of the selected variables, accompanying The estimation of bivariate models including GDP and each one of the selected candidate variables yields additional information on the shape and the extent of the cycle, Figure 5 presents the multivariate output gap estimate, both one-sided and twosided or smoothed, together with ECRI dating of the business cycle and a reference	./cache/work_rwj6sjifszdancgeltwvlkvppq.pdf	./txt/work_rwj6sjifszdancgeltwvlkvppq.txt