e P. O in 1.O O1 P4 cri 1O ID 1.O CO CO CO CO O1 g m O W. CP O1 O1 O1 O1 O1 O1 O1 output gap since 1960 00 N. 0 en g 8 g 8 0 0 Sane 1W Woonberg fewer IP inze Doteschr 'Output gap on trend since 2009 2.5 — 2 1.5 1.5 1 0.5 0 -0.5 0.5 • I. CPI yoy -1 -output gap since 2009q1

'e P. O in 1.O O1 P4 cri 1O ID 1.O CO CO CO CO O1 g m OW. CP O1 O1 O1 O1 O1 O1 O1 output gap since 1960 00 N. 0 en g 8 g 8 0 0 Sane 1W Woonberg fewer IP inze Doteschr 'Output gap on trend since 2009 2.5 — 2 1.5 1.5 1 0.5 0 -0.5 0.5 • I. CPI yoy -1 -output gap since 2009q1