Explaining The Great Moderation: It Is Not The Shocks

Lucrezia Reichlin, Domenico Giannone and Michele Lenza

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)
Date: 2007-12
New Economics Papers: this item is included in nep-bec, nep-cba and nep-mac
References: Add references at CitEc
Citations: View citations in EconPapers (13)

Downloads: (external link)
https://cepr.org/publications/DP6600 (application/pdf)
CEPR Discussion Papers are free to download for our researchers, subscribers and members. If you fall into one of these categories but have trouble downloading our papers, please contact us at subscribers@cepr.org

Related works:
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)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cpr:ceprdp:6600

Ordering information: This working paper can be ordered from
https://cepr.org/publications/DP6600

Access Statistics for this paper

More papers in CEPR Discussion Papers from C.E.P.R. Discussion Papers Centre for Economic Policy Research, 33 Great Sutton Street, London EC1V 0DX.
Bibliographic data for series maintained by ().