The figure below illustrates the output gap and the real interest-rate gap in the United Kingdom as a function of time.
3. The figure below illustrates the output gap and the real interest-rate gap in the United Kingdom as a function of time. Is the output gap generally • leading and procyclical, • lagging and procyclical, • leading and countercyclical, or • lagging and countercyclical, with respect to the real interest-rate gap gap after 1988? Brieflfly […]