Download This PaperExplaining the Great Moderation: It is Not the Shocks
20 Pages Posted: 26 Feb 2008
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Explaining the Great Moderation: It is Not the Shocks
Explaining the Great Moderation: It is Not the Shocks
Date Written: February 2008
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: Shocks, Information, Great Moderation
JEL Classification: E32, E37, C32, C53
Suggested Citation: Suggested Citation
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