The ‘Great Moderation' shows no sign of ending, Spanish paper finds

bank-spain
The Bank of Spain

The Great Moderation that characterised the two decades running up to the Great Recession of the late 2000s in fact never ended – and its persistence may be holding back recovery in the world's advanced economies.

In The two greatest: Great Recession vs. Great Moderation, María Dolores Gadea-Rivas, Ana Gómez-Loscos and Gabriel Pérez-Quirós revisit the results of McConnell and Perez-Quiros' "semninal" paper of 2000 with updated sample data, and find that the Great Moderation (GM), "as it was

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