Declining output growth volatility: A sectoral decomposition

A decomposition of the U.S. aggregate output growth volatility using two-digit industry-level data shows that more than 60% of the post-1983 reduction in aggregate output growth volatility is attributed to the lowered comovement in total factor productivity (TFP) growth between industries. In contrast, stabilized input and TFP growths within an industry contribute little.

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Year of publication:	2010
Authors:	Chun, Hyunbae ; Kim, Jung-Wook
Published in:	Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 106.2010, 3, p. 151-153
Publisher:	Elsevier
Keywords:	Great moderation Total factor productivity Volatility

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Type of publication:	Article
Source:	RePEc - Research Papers in Economics

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