LEARNING AND THE GREAT MODERATION*
نویسندگان
چکیده
منابع مشابه
Learning and the Great Moderation
We study a stylized theory of the volatility reduction in the U.S. after 1984—the Great Moderation—which attributes part of the stabilization to less volatile shocks and another part to more difficult inference on the part of Bayesian households attempting to learn the latent state of the economy. We use a standard equilibrium business cycle model with technology following an unobserved regime-...
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ژورنال
عنوان ژورنال: International Economic Review
سال: 2012
ISSN: 0020-6598
DOI: 10.1111/j.1468-2354.2012.00685.x