What explains the Great Moderation in the US? A structural analysis
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- dc.contributor.author Canova, Fabioca
- dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
- dc.date.accessioned 2017-07-26T10:50:18Z
- dc.date.available 2017-07-26T10:50:18Z
- dc.date.issued 2004-03-01
- dc.date.modified 2017-07-23T02:10:09Z
- dc.description.abstract This paper investigates what has caused output and inflation volatility to fall in the US using a small scale structural model using Bayesian techniques and rolling samples. There are instabilities in the posterior of the parameters describing the private sector, the policy rule and the standard deviation of the shocks. Results are robust to the specification of the policy rule. Changes in the parameters describing the private sector are the largest, but those of the policy rule and the covariance matrix of the shocks explain the changes most.
- dc.format.mimetype application/pdfca
- dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=919
- dc.identifier.citation Journal of the European Economic Association, 7(4), 2009, 697-721
- dc.identifier.uri http://hdl.handle.net/10230/826
- dc.language.iso eng
- dc.relation.ispartofseries Economics and Business Working Papers Series; 919
- dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
- dc.rights.accessRights info:eu-repo/semantics/openAccess
- dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
- dc.subject.keyword new keynesian model
- dc.subject.keyword bayesian methods
- dc.subject.keyword monetary policy
- dc.subject.keyword great moderation
- dc.subject.keyword Macroeconomics and International Economics
- dc.title What explains the Great Moderation in the US? A structural analysisca
- dc.type info:eu-repo/semantics/workingPaper