The changing composition of output and the great moderation

David Black and Michael Dowd

Applied Economics Letters, 2009, vol. 16, issue 12, 1265-1270

Abstract: An additional explanation is provided for the decline in output variability that began in the mid-1980s. Using state, regional and aggregate data for the US, we examine the shifting influence from manufacturing to services on this variability. At all levels, we find support for this output composition change contributing to the reduced variability of output growth.

Date: 2009
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DOI: 10.1080/13504850701367320

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