[36]  Coibion, O. and Y. Gorodnichenko, (2015), “Is the Phillips Curve Alive and Well after All? Inflation Expectations and the Missing Disinflation”, American Economic Journal: Macroeconomics, 7(1):197-232. [37]  See Jarociński, M. and M. Lenza (2016), “An inflation-predicting measure of the output gap in the euro area,” ECB Working Paper 1966, forthcoming article in the Journal of Money, Credit and Banking.
For example, there is still a significant gap between Ireland’s employment rate and that of Scandinavian countries and the US; the employment rate in the US is about 71 per cent compared with 66 per cent for Ireland.