On the sources of the great moderation:
"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...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2008
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
14171 |
| Online-Zugang: | kostenfrei |
| Zusammenfassung: | "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. Among other changes, our findings point to (i) an increase in the volatility of hours relative to output, (ii) a shrinking contribution of non-technology shocks to output volatility, and (iii) a change in the cyclical response of labor productivity to those shocks. That evidence suggests a more complex picture than that associated with "good luck" explanations of the Great Moderation"--National Bureau of Economic Research web site |
| Beschreibung: | 38, [16] S. graph. Darst. 22 cm |
Internformat
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| 490 | 1 | |a Working paper series / National Bureau of Economic Research |v 14171 | |
| 520 | 8 | |a "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. Among other changes, our findings point to (i) an increase in the volatility of hours relative to output, (ii) a shrinking contribution of non-technology shocks to output volatility, and (iii) a change in the cyclical response of labor productivity to those shocks. That evidence suggests a more complex picture than that associated with "good luck" explanations of the Great Moderation"--National Bureau of Economic Research web site | |
| 700 | 1 | |a Gambetti, Luca |d 1974- |e Verfasser |0 (DE-588)13205910X |4 aut | |
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| id | DE-604.BV023594047 |
| illustrated | Illustrated |
| index_date | 2024-07-02T22:41:33Z |
| indexdate | 2024-07-09T21:25:16Z |
| institution | BVB |
| language | English |
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| physical | 38, [16] S. graph. Darst. 22 cm |
| publishDate | 2008 |
| publishDateSearch | 2008 |
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| publisher | National Bureau of Economic Research |
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| series2 | Working paper series / National Bureau of Economic Research |
| spelling | Galí, Jordi 1961- Verfasser (DE-588)128379618 aut On the sources of the great moderation Jordi Gali ; Luca Gambetti Cambridge, Mass. National Bureau of Economic Research 2008 38, [16] S. graph. Darst. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 14171 "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. Among other changes, our findings point to (i) an increase in the volatility of hours relative to output, (ii) a shrinking contribution of non-technology shocks to output volatility, and (iii) a change in the cyclical response of labor productivity to those shocks. That evidence suggests a more complex picture than that associated with "good luck" explanations of the Great Moderation"--National Bureau of Economic Research web site Gambetti, Luca 1974- Verfasser (DE-588)13205910X aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 14171 (DE-604)BV002801238 14171 http://papers.nber.org/papers/w14171.pdf kostenfrei Volltext |
| spellingShingle | Galí, Jordi 1961- Gambetti, Luca 1974- On the sources of the great moderation |
| title | On the sources of the great moderation |
| title_auth | On the sources of the great moderation |
| title_exact_search | On the sources of the great moderation |
| title_exact_search_txtP | On the sources of the great moderation |
| title_full | On the sources of the great moderation Jordi Gali ; Luca Gambetti |
| title_fullStr | On the sources of the great moderation Jordi Gali ; Luca Gambetti |
| title_full_unstemmed | On the sources of the great moderation Jordi Gali ; Luca Gambetti |
| title_short | On the sources of the great moderation |
| title_sort | on the sources of the great moderation |
| url | http://papers.nber.org/papers/w14171.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT galijordi onthesourcesofthegreatmoderation AT gambettiluca onthesourcesofthegreatmoderation |