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Explaining The Great Moderation: It Is Not The Shocks

Domenico Giannone (), Michele Lenza () and Lucrezia Reichlin ()

No 6600, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: This paper shows that the explanation of the decline in the volatility of GDP growth since the mid-eighties is not the decline in the volatility of exogenous shocks but rather a change in their propagation mechanism.

Keywords: Great Moderation; Information; Shocks (search for similar items in EconPapers)
JEL-codes: C32 C53 E32 E37 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-bec, nep-cba and nep-mac
Date: 2007-12
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