Fang, WenShwo; Miller, Stephen M.; Lee, ChunShen - Department of Economics, University of Connecticut - 2008
Recently, Fagiolo et al. (2008) find fat tails of economic growth rates after adjusting outliers, autocorrelation and heteroskedasticity. This paper employs US quarterly real output growth, showing that this finding of fat tails may reflect the Great Moderation. That is, leptokurtosis disappears...