A Decomposition of the Increased Stability of GDP Growth

6 Pages Posted: 26 Jun 2007

See all articles by Margaret Mary McConnell

Margaret Mary McConnell

Federal Reserve Bank of New York

Patricia C. Mosser

Federal Reserve Banks - Federal Reserve Bank of New York

Gabriel Perez-Quiros

Banco de España

Date Written: September 1999

Abstract

Since 1984, the U.S. economy has grown at a remarkably steady pace. An analysis of this increased stability shows that every major component of GDP has exhibited smoother growth. However, two components - inventory investment and consumer spending - are responsible for the bulk of the decline in overall volatility.

Keywords: output volatility, inventory investment, structural change, consumption, investment, government spending, exports, imports

JEL Classification: E3, E22, E32

Suggested Citation

McConnell, Margaret (Meg) Mary and Mosser, Patricia C. and Perez-Quiros, Gabriel, A Decomposition of the Increased Stability of GDP Growth (September 1999). Current Issues in Economics and Finance, Vol. 5, No. 13, September 1999, Available at SSRN: https://ssrn.com/abstract=996059

Margaret (Meg) Mary McConnell (Contact Author)

Federal Reserve Bank of New York ( email )

33 Liberty Street
New York, NY 10045
United States

Patricia C. Mosser

Federal Reserve Banks - Federal Reserve Bank of New York ( email )

33 Liberty Street
New York, NY 10045
United States

Gabriel Perez-Quiros

Banco de España ( email )

Madrid 28014
Spain

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