Data for: Dismiss the Output Gaps? To Use with Caution Given Their Limitations

Files with names starting with "Input Data" include real-time data used to estimate output gaps. They also include inflation data used in the program titled "Program - inflation forecasting."

Real-time output gap estimates are found in the spreadsheet titled "Estimates - Output gaps." They are used to run the program titled "Program - inflation forecasting."

Forecasting errors and associated statistics, as estimated using the program titled "Program - inflation forecasting," can be found in the different files with names starting with "Estimates."

Please note that while we make as much of the data used in our paper available, some of it is confidential and cannot be provided. This includes the Bank of Canada’s staff output gap estimates over the past five years and forecasts of economic variables produced by the Bank of Canada’ staff during the same period. Moreover, Consensus Forecasts are not provided, as they require a license. They can be bought from Consensus Economics.