On the sources of the Great Moderation


Autoria(s): Galí, Jordi; Gambetti, Luca
Contribuinte(s)

Universitat Pompeu Fabra. Departament d'Economia i Empresa

Data(s)

10/09/2007

Resumo

The remarkable decline in macroeconomic volatility experienced by the U.S. economy since the mid-80s (the so-called Great Moderation) has been accompanied by large changes in the patterns of comovements among output, hours and labor productivity. Those changes are reflected in both conditional and unconditional second moments as well as in the impulse responses to identified shocks. That evidencepoints to structural change, as opposed to just good luck, as an explanation for the Great Moderation. We use a simple macro model to suggest some of the immediate sources which are likely to be behindthe observed changes.

Identificador

http://hdl.handle.net/10230/1010

Idioma(s)

eng

Direitos

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info:eu-repo/semantics/openAccess

<a href="http://creativecommons.org/licenses/by-nc-nd/3.0/es/">http://creativecommons.org/licenses/by-nc-nd/3.0/es/</a>

Palavras-Chave #Macroeconomics and International Economics #great moderation #structural var #technology shocks #monetary policy rules #labor hoarding
Tipo

info:eu-repo/semantics/workingPaper