Declining output growth volatility: A sectoral decomposition

Hyunbae Chun and Jung-Wook Kim

Economics Letters, 2010, vol. 106, issue 3, 151-153

Abstract: A decomposition of the U.S. aggregate output growth volatility using two-digit industry-level data shows that more than 60% of the post-1983 reduction in aggregate output growth volatility is attributed to the lowered comovement in total factor productivity (TFP) growth between industries. In contrast, stabilized input and TFP growths within an industry contribute little.

Keywords: Great; moderation; Total; factor; productivity; Volatility (search for similar items in EconPapers)
Date: 2010
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