Nason, James M.; Smith, Gregor W. - Federal Reserve Bank of Atlanta - 2008
The Great Moderation refers to the fall in U.S. output growth volatility in the mid-1980s. At the same time, the United … States experienced a moderation in inflation and lower average inflation. Using annual data since 1890, we find that an … earlier, 1946 moderation in output and consumption growth was comparable to that of 1984. Using quarterly data since 1947, we …