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Galí, Jordi, and
Luca Gambetti. 2009. "On the Sources of the Great Moderation."
,
1(1): 26-57.
Show Article Details
DOI: 10.1257/mac.1.1.26
Abstract:The Great Moderation in the US economy has been accompanied by
large changes in the comovements among output, hours, and labor
productivity. Those changes are reflected in both conditional and
unconditional second moments as well as in the impulse responses
to identified shocks. Among other changes, our findings point to an
increase in the volatility of hours relative to output, a shrinking contribution
of nontechnology shocks to output volatility, and a change
in the cyclical response of labor productivity to those shocks. That
evidence suggests a more complex picture than that associated with
"good luck" explanations of the Great Moderation. (JEL: E23, E24,
J22, J24)
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Authors:
Galí, Jordi (CREI, U Pompeu Fabra)
Gambetti, Luca (U Autonoma de Barcelona)
JEL Classifications:
E23: Macroeconomics: Production
E24: Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital
J22: Time Allocation and Labor Supply
J24: Human Capital; Skills; Occupational Choice; Labor Productivity
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