The Global Extent of the Great Moderation

Oxford Bulletin of Economics and Statistics, Vol. 74, Issue 4, pages 493-509

Posted: 20 Aug 2007 Last revised: 6 Jul 2012

See all articles by Bruno Coric

Bruno Coric

University of Split Faculty of Economics

Date Written: December 28, 2010

Abstract

In 2008 the US financial crisis spilled over into a number of other economies causing declines in GDP across the world. Yet the decades preceding the current downturn had been a period of unprecedented stability for the US economy. This paper examines annual data for 98 countries over the period 1961-2007 and finds that lower GDP growth volatility in the period preceding the current crisis was not confined to the US. It is detected in a number of developed and developing countries, suggesting that a reduction in volatility in this period was a more general development.

Keywords: GDP growth volatility, structural changes, the Great Moderation

JEL Classification: E32, F41

Suggested Citation

Coric, Bruno, The Global Extent of the Great Moderation (December 28, 2010). Oxford Bulletin of Economics and Statistics, Vol. 74, Issue 4, pages 493-509. Available at SSRN: https://ssrn.com/abstract=1007984

Bruno Coric (Contact Author)

University of Split Faculty of Economics ( email )

Split, HR-21000
Croatia

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