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GREAT MODERATION AND GREAT RECESSION: FROM PLAIN SAILING TO STORMY SEAS?

María Gadea (), Ana Gómez‐Loscos and Gabriel Pérez‐Quirós
Authors registered in the RePEc Author Service: Gabriel Perez Quiros and Ana Gómez-Loscos ()

International Economic Review, 2018, vol. 59, issue 4, 2297-2321

Abstract: Many have argued that the Great Recession of 2008 marks the end of the reduction in output volatility known as the Great Moderation. This article shows that this is not the case through an empirical analysis. Output volatility remains subdued despite the output loss of the Great Recession. This finding has important implications for policymaking because we also find that a lower volatility of output is associated with slower recoveries.

Date: 2018
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https://doi.org/10.1111/iere.12337

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Working Paper: Great Moderation and Great Recession. From plain sailing to stormy seas? (2015) Downloads
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