Output gap estimation using the European Union's Commonly Agreed Methodology:
Vade Mecum & Manual for the EUCAM software
Discussion Paper 148
The EUCAM software is the officially validated tool for estimating potential growth and output gaps
according to the European Union’s Commonly Agreed Methodology. This EUCAM methodology, which
is comprehensively described in Havik et al. (2014), has been agreed between the EU’s Member States
during discussions held at regular meetings of the Output Gap Working Group. The EUCAM software
integrates all the operations that lead to the output gap and potential growth estimates, including data
transformations, filtering, model estimation, and forecasts. Its user-friendly environment facilitates multicountry
analyses and comparisons across different data vintages. It is open source and distributed together
with the data files for EU countries at the publicly accessible repository circabc.europa.eu/ui/welcome
(with users then prompted to follow the path “Browse categories - European Commission - Economic and
Financial Affairs - Output Gaps - Library - PF method - EUCAM software”). The EUCAM software
enables users to quickly replicate the output gap calculations made by the European Commission.
BLONDEAU Francois;
PLANAS Christophe;
ROSSI Alessandro;
2021-12-02
Publications Office of the European Union
JRC127441
978-92-76-38749-7 (online),
2443-8022 (online),
OP KC-BD-21-005-EN-N (online),
https://publications.jrc.ec.europa.eu/repository/handle/JRC127441,
10.2765/217592 (online),
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