Structural change responsible for Great Moderation
The so-called 'Great Moderation' in macroeconomic volatility in the United States since the mid-1980's was down to structural change rather than good luck, research published by the Centre for Economic Policy Research finds.
The research notes that the Great Moderation's occurrence has coincided with large changes in the patterns of co-movements among output, hours and labour productivity. And the fact that these changes were reflected in both conditional and unconditional second movements
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