GAMBETTI, LUCA; PAPPA, EVI; CANOVA, FABIO - In: Journal of Money, Credit and Banking 40 (2008) 2-3, pp. 369-388
We examine the dynamics of U.S. output and inflation using a structural time-varying coefficients vector autoregression. There are changes in the volatility of both variables and in the persistence of inflation, but variations are statistically insignificant. Technology shocks explain changes in...