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
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
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Journal Article: Explaining The Great Moderation: It Is Not The Shocks (2008)
Working Paper: Explaining the Great Moderation: it is not the shocks (2008)
Working Paper: Explaining the great moderation: it is not the shocks (2008)
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