Resumen de Mind the Output Gap: The Disconnect of Growth and Inflation during Recessions and Convex Phillips Curves in the Euro Area
This work has benefited from useful discussions with Elena Bobeica, Inês Cabral, Matteo Cicarelli, Vítor Constâncio, Marek Jarocinski, Michele Lenza, Carlos Montes‐Galdon, Dieter Nautz, and Chiara Osbat. The work presented in this paper has served as an input to a speech held by the European Central Bank's (ECB's) former Vice President, Vítor Constancio, at the Jackson Hole Economic Policy Symposium at the Federal Reserve Bank of Kansas City in August 2015: https://www.ecb.europa.eu/press/key/date/2015/html/sp150829.en.html. This paper should not be reported as representing the views of the International Monetary Fund (IMF) or the European Central Bank (ECB). The views are those of the authors.
