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Domenico Giannone, Michele Lenza, Lucrezia Reichlin, Explaining the Great Moderation: It Is Not the Shocks, Journal of the European Economic Association, Volume 6, Issue 2-3, 1 May 2008, Pages 621–633, https://doi.org/10.1162/JEEA.2008.6.2-3.621
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Abstract
This paper shows that the explanation of the decline in the volatility of GDP growth since the mid 1980s is not the decline in the volatility of exogenous shocks but rather a change in their propagation mechanism.
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© 2008 by the European Economic Association
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