Fernández-Villaverde, Jesús; Guerron-Quintana, Pablo A.; … - C.E.P.R. Discussion Papers - 2010
the U.S. economy with both stochastic volatility and parameter drifting in the Taylor rule. We use the results of this … Volcker's tenure at the Fed, those changes contributed little to the great moderation. Instead, changes in the volatility of … outcomes across these periods is attributed to the time-varying volatility of shocks. The history for inflation is more nuanced …