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DP6600 | Explaining The Great Moderation: It Is Not The Shocks
Author(s)
Lucrezia Reichlin
Domenico Giannone
Michele Lenza
Publication Date
14/12/2007
JEL Code(s)
C32, C53, E32, E37
Keyword(s)
Great Moderation, Information, shocks
Programme Area(s)
International Macroeconomics
Network(s)
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Abstract
This paper shows that the explanation of the decline in the volatility of GDP growth since the mid-eighties is not the decline in the volatility of exogenous shocks but rather a change in their propagation mechanism.