Owyang, Michael T. (contributor); … - 2008 - Rev.
“Great Moderation.” This paper documents the Great
Moderation at the state level, finding significant heterogeneity in the … Great Moderation.”
In this paper, we examine the Great Moderation using a state-level empirical business
cycle model that …
causes of the Great Moderation. More specifically, volatility reductions were largest in states
with relatively high …