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 1980s is not the decline in the volatility of exogenous shocks but rather a change in their propagation mechanism. (JEL: E32, E37, C32, C53) (c) 2008 by the European Economic Association.

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Year of publication:	2008
Authors:	Giannone, Domenico ; Lenza, Michele ; Reichlin, Lucrezia
Published in:	Journal of the European Economic Association. - MIT Press. - Vol. 6.2008, 2-3, p. 621-633
Publisher:	MIT Press

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Extent:	text/html
Type of publication:	Article
Classification:	E32 - Business Fluctuations; Cycles ; E37 - Forecasting and Simulation ; C32 - Time-Series Models ; C53 - Forecasting and Other Model Applications
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005690495