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, 2015 What caused the U.S. economy's shift from the Great Inflation era to the Great Moderation era? {{p}} A large literature shows that the shift was achieved by the change in monetary policy from a passive to an active response to inflation. However, Coibion
Yasuo Hirose +2 more
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Inventory Shocks and the Great Moderation [PDF]
SSRN Electronic Journal, 2015 Why did the volatility of U.S. real GDP decline by more than the volatility of final sales with the Great Moderation in the mid-1980s? One possible explanation is that firms shifted their inventory behaviour towards a greater emphasis on production smoothing.
J. Morley, Aarti Singh
semanticscholar +3 more sources
Federal Reserve Information during the Great Moderation [PDF]
Journal of the European Economic Association, 2007 Using data from the period 1970–1991, Romer and Romer (2000) showed that that Federal Reserve forecasts of inflation and output were superior to those provided by commercial forecasters. In this paper, we show that this superior forecasting performance deteriorated after 1991.
Antonello D’Agostino, Karl Whelan
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Durable Goods Inventories and the Great Moderation [PDF]
SSRN Electronic Journal, 2008 This paper revisits the hypothesis that changes in inventory management were an important contributor to volatility reductions during the Great Moderation. It documents how changes in inventory behavior contributed to the stabilization of the U.S. economy within the durable goods sector, in particular, and develops a model of inventory behavior that is
James R. Kahn
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The ‘Great Moderation’ in the United Kingdom [PDF]
Journal of Money, Credit and Banking, 2007 We use a Bayesian time‐varying parameters structural VAR with stochastic volatility for GDP deflator inflation, real GDP growth, a 3‐month nominal rate, and the rate of growth of M4 to investigate the underlying causes of the Great Moderation in the United Kingdom.
Luca Benati
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Monetary Policy, Inflation Target and the Great Moderation: An Empirical Investigation
Social Science Research Network, 2019 This paper estimates a New Keynesian model with trend inflation and contrasts Taylor rules featuring fixed versus time-varying inflation target while allowing for passive monetary policy. The estimation is conducted over the Great Inflation and the Great
Qazi Haque
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The Superbubble behind “The Great Moderation:” How the Brandt Report Foresaw Today’s Global Economic Crisis [PDF]
Integral Review, 2010 The Brandt Commission Report, published in 1980, broke ground in vital areas. It was the first international body to develop such concepts as interdependence, globalization, sustainable development, and alternative sources of development financing.
James Bernard Quilligan
doaj +3 more sources
Governing the future: the European Central Bank’s expectation management during the Great Moderation [PDF]
, 2015 The experience of the global financial crisis has sparked renewed interest in the role of futurity in the capitalist economy in general and in the formation and coordination of expectations under uncertainty in particular.
Benjamin Braun
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International Perspectives on the “Great Moderation” [PDF]
Economic Synopses, 2005 Michelle T. Armesto, Jeremy Piger
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The great moderation in international capital flows: a global phenomenon? [PDF]
Social Science Research Network, 2016 M. Schmitz, Peter McQuade
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