Explaining the great moderation: It is not the shocks
Journal
Journal of European Economic Association
Subject
Economics
Publishing details
Authors / Editors
Reichlin L; Giannone D; Lenza M
Biographies
Publication Year
2008
Abstract
This paper shows that the explanation of the decline in the volatility of GDP growth since the mid 1980s is not the decline in the volatility of exogenous shocks but rather a change in their propagation mechanism. (JEL: E32, E37, C32, C53)
Publication Notes
Special Proceedings
Available on ECCH
No