Owyang, Michael T.; Piger, Jeremy; Wall, Howard J. - In: Regional Science and Urban Economics 38 (2008) 6, pp. 578-589
A number of studies have documented a reduction in aggregate macroeconomic volatility beginning in the early 1980s, i.e., the "Great Moderation." This paper documents the Great Moderation at the state level, finding significant heterogeneity in the timing and magnitude of states' structural...
