The two greatest. Great recession vs. great moderation
María Gadea (),
Ana Gómez-Loscos () and
Gabriel Pérez-Quirós ()
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Gabriel Pérez-Quirós: Banco de España and CEPR
Authors registered in the RePEc Author Service: Gabriel Perez Quiros
No 1423, Working Papers from Banco de España
Many have argued that the Great Recession of 2008 marked the end of the Great Moderation of the eighties and nineties. Through painstaking empirical analysis of the data, this paper shows this is not the case. Output volatility remains subdued despite the turmoil created by the Great Recession. This fi nding has important implications for policymaking since lower output volatility (the hallmark of the Great Moderation) is associated with weaker recoveries.
Keywords: business cycle; volatility; recoveries (search for similar items in EconPapers)
JEL-codes: C22 E32 (search for similar items in EconPapers)
Pages: 39 pages
New Economics Papers: this item is included in nep-mac
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http://www.bde.es/f/webbde/SES/Secciones/Publicaci ... /14/Fich/dt1423e.pdf First version, September 2014 (application/pdf)
Working Paper: The Two Greatest. Great Recession vs. Great Moderation (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:bde:wpaper:1423
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