Explaining the Great Moderation: It is not the shocks

• 成果类型: Article; Proceedings Paper
• 署名作者: Giannone, Domenico; Reichlin, Lucrezia; Lenza, Michele
• 刊物名称: JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
• ISSN/ISSBN: 1542-4766
• DOI: 10.1162/JEEA.2008.6.2-3.621
• 发表日期: 2008
• 页码: 621-633
• 关键词: monetary-policy; macroeconomic stability; inflation; help

摘要

This paper shows that the explanation of the decline in the volatility of GDP growth since the mid 1980s is not the decline in the volatility of exogenous shocks but rather a change in their propagation mechanism.