Canova, FabioUniversitat Pompeu Fabra. Departament d'Economia i Empresa2017-07-262017-07-262004-03-01Journal of the European Economic Association, 7(4), 2009, 697-721http://hdl.handle.net/10230/826This 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.application/pdfengL'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commonsinfo:eu-repo/semantics/workingPapernew keynesian modelbayesian methodsmonetary policygreat moderationMacroeconomics and International Economicsinfo:eu-repo/semantics/openAccess