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High-growth recoveries, inventories and the great moderation

Maximo Camacho (), Gabriel Perez Quiros and Hugo Rodriguez Mendizabal ()

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Abstract: We present evidence about the disappearance of the high-growth recoveries from recessions with intense job creation typically observed until the eighties. This result matches the belief that recessions now have an L-shape as opposed to the old-time recessions that always had a V-shape. We also show how this change in business cycle dynamics can explain part of the Great Moderation. We postulate that these two phenomena may be due to changes in inventory management brought about by improvements in information and communications technologies

Keywords: E32; F02; C22; Business cycle features; Great Moderation; High-growth recovery (search for similar items in EconPapers)
Date: 2011-06-01
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Published in Journal of Economic Dynamics and Control, Elsevier, 2011, ⟨10.1016/j.jedc.2011.04.004⟩

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Journal Article: High-growth recoveries, inventories and the Great Moderation (2011) Downloads
Working Paper: High-growth Recoveries, Inventories and the Great Moderation (2009) Downloads
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DOI: 10.1016/j.jedc.2011.04.004

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