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Output composition and the US output volatility decline

  • Alcala, Francisco
  • Sancho, Israel

We argue that the role played by output-composition changes on the decline in US output volatility has been incorrectly assessed in the recent literature. We obtain that shifts across broad sectors in the economy account for about thirty-percent of the volatility decline since the 1950’s.

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File URL: http://www.sciencedirect.com/science/article/B6V84-49W2PV6-1/2/01a153f4a02a8e59ab1c7c24a6cc31f3
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Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 82 (2004)
Issue (Month): 1 (January)
Pages: 115-120

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Handle: RePEc:eee:ecolet:v:82:y:2004:i:1:p:115-120
Contact details of provider: Web page: http://www.elsevier.com/locate/ecolet

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  1. Margaret M. McConnell & Gabriel Perez Quiros, 1998. "Output fluctuations in the United States: what has changed since the early 1980s?," Staff Reports 41, Federal Reserve Bank of New York.
  2. James H. Stock & Mark W. Watson, 2003. "Has the Business Cycle Changed and Why?," NBER Chapters, in: NBER Macroeconomics Annual 2002, Volume 17, pages 159-230 National Bureau of Economic Research, Inc.
  3. Olivier Blanchard & John Simon, 2001. "The Long and Large Decline in U.S. Output Volatility," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 32(1), pages 135-174.
  4. Richard Clarida & Jordi Galí & Mark Gertler, 1997. "Monetary policy rules and macroeconomic stability: Evidence and some theory," Economics Working Papers 350, Department of Economics and Business, Universitat Pompeu Fabra, revised May 1999.
  5. James A. Kahn & Margaret M. McConnell & Gabriel Perez-Quiros, 2002. "On the causes of the increased stability of the U.S. economy," Economic Policy Review, Federal Reserve Bank of New York, issue May, pages 183-202.
  6. Karl Whelan, 2000. "A guide to the use of chain aggregated NIPA data," Finance and Economics Discussion Series 2000-35, Board of Governors of the Federal Reserve System (U.S.).
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