![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%.
![Holger Zschaepitz on 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 on 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 on 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: "... 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)
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: "@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
![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)