2000
DOI: 10.1257/aer.90.5.1464
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Output Fluctuations in the United States: What Has Changed Since the Early 1980's?

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Cited by 1,514 publications
(608 citation statements)
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“…The reason for the 1984 break date is that 1984 (more generally, the mid1980s) has been identified as an important break date associated with the so-called Great Moderation of output (Kim and Nelson, 1999;McConnell and Perez-Quiros, 2000), and there have been shifts in other properties of timeseries such as the inflation-output relation that can be dated to the mid-to late-1980s (cf. Stock and Watson, 2007).…”
Section: Resultsmentioning
confidence: 99%
“…The reason for the 1984 break date is that 1984 (more generally, the mid1980s) has been identified as an important break date associated with the so-called Great Moderation of output (Kim and Nelson, 1999;McConnell and Perez-Quiros, 2000), and there have been shifts in other properties of timeseries such as the inflation-output relation that can be dated to the mid-to late-1980s (cf. Stock and Watson, 2007).…”
Section: Resultsmentioning
confidence: 99%
“…Cechetti and Krause (2006) find that in sixteen out of twenty-five countries they examined, real GDP growth was on average more than fifty per cent less volatile than it was twenty years earlier to their study. 3 Authors have variously located the causes in better inventory management (McConnell and Perez-Quiros, 2000;Kahn et al, 2002;McCarthy and Zakajsek, 2007), fundamental labour market changes as the Baby Boomer generation is aging (Jaimovic and Siu, 2009), oil shocks (Nakov and Pescatori, 2010), changes in responses to shocks (Gambetti et al, 2008) or broader factors such as development levels (Acemoglu and Zilibotti, 1997;Easterley et al, 1993), external balances (Fogli and Perri, 2006), the size of the economy (Canning et al, 1998) and lack of strong institutions (Acemoglou et al, 2003). Owyang et al (2007) find that within U.S. states, the volatility decline was linked to larger nondurable-goods shares, energy consumption, and demographics.…”
Section: Introductionmentioning
confidence: 99%
“…Moreover, many recent studies in macroeconomics have found growing stability in the U.S. economy. For example, Kim and Nelson (1999) and McConnell and Perez-Quiros (2000) find that there was reduction in the volatility of output since 1984.…”
Section: Introductionmentioning
confidence: 99%