Korenok, Oleg; Radchenko, Stanislav - Department of Economics, Rutgers University-New Brunswick - 2004
The paper examines the processes underlying economic fluctuations by investigating the volatility moderation of U … trend, common transitory component and idiosyncratic components. We find that the moderation of business cycle was a result … of the moderation in transitory and idiosyncratic components. Our results suggest that important part of stochastic …