Most of the literature that investigates the Great Moderation of real gross domestic product (GDP) growth focuses on OECD developed countries, and few studies discuss emerging economies in Asia. By employing quarterly real GDP growth rates over the period 1960-2009 for China, Hong Kong, Korea,...

This paper revisits the issue of conditional volatility in real GDP growth rates for Canada, Japan, the United Kingdom, and the United States. Previous studies find high persistence in the volatility. This paper shows that this finding largely reflects a nonstationary variance. Output growth in...