Should-Read: IMHO, the smart PGL does good here… And, J.W. Mason, please don’t say that Coibion et al.’s state-of-the-art potential output estimate “gives a very similar estimate for the output gap as simply looking at the pre-2008 forecasts or extrapolating from the pre-2008 trend”. That’s not the way to gain a reputation—at least, not they … Continue reading Should-Read: PGL: The Output Gap per the Gerald Friedman Defenders