Citation

Discussion Paper Details

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Title: Explaining The Great Moderation: It Is Not The Shocks

Author(s): Domenico Giannone, Michele Lenza and Lucrezia Reichlin

Publication Date: December 2007

Keyword(s): Great Moderation, Information and Shocks

Programme Area(s): International Macroeconomics

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.

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Bibliographic Reference

Giannone, D, Lenza, M and Reichlin, L. 2007. 'Explaining The Great Moderation: It Is Not The Shocks'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=6600