Explaining the Great Moderation: it is not the shocks

This paper shows that the explanation of the decline in the volatility of GDP growth since the mid-eighties is not the decline in the volatility of exogenous shocks but rather a change in their propagation mechanism. JEL Classification: E32, E37, C32, C53

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Year of publication:	2008-02
Authors:	Giannone, Domenico ; Lenza, Michele ; Reichlin, Lucrezia
Institutions:	European Central Bank
Subject:	Great Moderation \| Information \| shocks

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Extent:	application/pdf
Series:	Working Paper Series.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 0865
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005531008