Explaining The Great Moderation: It Is Not The Shocks

Lucrezia Reichlin, Domenico Giannone and Michele Lenza

No 6600, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: This paper shows that the explanation of the decline in the volatility of GDP growth since the mid-eighties is not the decline in the volatility of exogenous shocks but rather a change in their propagation mechanism.

Keywords: Great moderation; Information; Shocks (search for similar items in EconPapers)
JEL-codes: C32 C53 E32 E37 (search for similar items in EconPapers)
Date: 2007-12
New Economics Papers: this item is included in nep-bec, nep-cba and nep-mac
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Citations: View citations in EconPapers (13)

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Related works:
Journal Article: Explaining The Great Moderation: It Is Not The Shocks (2008)
Working Paper: Explaining the Great Moderation: it is not the shocks (2008)
Working Paper: Explaining the great moderation: it is not the shocks (2008)
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