On the sources of macroeconomic stability
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چکیده
The volatility of output and inflation has varied substantially across countries and over time. While the global economy was very turbulent in the 1970s, macroeconomic volatility declined sharply in the following years in what has been termed the ‘Great Moderation’. This decline took place to different extents in different countries. In the United States, for example, the Great Moderation is usually dated from around 1984.
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