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A state-level analysis of the Great Moderation

✍ Scribed by Michael T. Owyang; Jeremy Piger; Howard J. Wall


Book ID
113874139
Publisher
Elsevier Science
Year
2008
Tongue
English
Weight
831 KB
Volume
38
Category
Article
ISSN
0166-0462

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## Abstract We use counterfactual experiments to investigate the sources of the large volatility reduction in US real GDP growth in the 1980s. Contrary to an existing literature that conducts counterfactual experiments based on classical estimation and point estimates, we consider Bayesian analysis