Economic Development and Heterogeneity in the Great Moderation among the States

Pablo Guerron, Thomas Grennes and Asli Leblebicioglu ()

The B.E. Journal of Macroeconomics, 2011, vol. 11, issue 1, 21

Abstract: Using state level personal income, we document the substantial heterogeneity in the magnitude and timing of the Great Moderation. Low income states experienced remarkable moderation, but some richer states experienced significant increases in volatility. We evaluate the findings from a development perspective, and discuss how differences in income per capita and the structure of production can determine the heterogeneity in income volatility across states.

Keywords: Great Moderation; economic development; specialization (search for similar items in EconPapers)
Date: 2011
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DOI: 10.2202/1935-1690.2184

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