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Explaining the great moderation: It is not the shocks

Explaining the great moderation: It is not the shocks

Journal

Journal of European Economic Association

Subject

Economics

Publishing details

Journal of European Economic Association 2008 Vol 6:2/3

Authors / Editors

Reichlin L;Giannone D;Lenza M

Biographies

Lucrezia Reichlin

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

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Explaining the great moderation: It is not the shocks

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