Explaining the Great Moderation: it is not the shocks

Domenico Giannone, Michele Lenza and Lucrezia Reichlin

No 865, Working Paper Series from European Central Bank

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. JEL Classification: E32, E37, C32, C53

Keywords: Great Moderation.; information; shocks (search for similar items in EconPapers)
Date: 2008-02
Note: 411196
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (122)

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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 (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbwps:2008865

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