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Explaining the great moderation: It is not the shocks


Journal of European Economic Association



Authors / Editors

Reichlin L;Giannone D;Lenza M

Publication Year



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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