Owyang, Michael T.; Piger, Jeremy M.; Wall, Howard J. - Federal Reserve Bank of St. Louis - 2007
. Using an empirical model of business cycles, we extend this line of research to state-level employment data and find … Become More Stable? A
Bayesian Approach Based on a Markov-Switching Model of the Business Cycle,” Review
of Economics and … explanations of the Great Moderation. [JEL: R11, E32]
Keywords: volatility reduction, state business cycles …