A State-Level Analysis of the Great Moderation

  title={A State-Level Analysis of the Great Moderation},
  author={M. Owyang and Jeremy M. Piger and H. Wall},
  journal={Macroeconomics eJournal},
  • M. Owyang, Jeremy M. Piger, H. Wall
  • Published 2006
  • Economics
  • Macroeconomics eJournal
  • A number of studies have documented a reduction in aggregate macroeconomic volatility beginning in the early 1980s. Using an empirical model of business cycles, we extend this line of research to state-level employment data, find significant heterogeneity in the timing and magnitude of the state-level volatility reductions. In fact, some states experience no statistically-significant reduction in volatility. We then exploit this cross-sectional heterogeneity to evaluate three hypotheses about… CONTINUE READING
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