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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

Abstract: 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
Date: 2014-09
New Economics Papers: this item is included in nep-mac
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Citations: View citations in EconPapers (19) Track citations by RSS feed

Downloads: (external link) ... /14/Fich/dt1423e.pdf First version, September 2014 (application/pdf)

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