Liu, Zheng; Waggoner, Daniel F.; Zha, Tao - 2009
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Sources of the Great Moderation:
Shocks, Frictions, or Monetary Policy?
Zheng Liu
Federal Reserve Bank of San Francisco …, FRICTIONS,
OR MONETARY POLICY?
ZHENG LIU, DANIEL F. WAGGONER, AND TAO ZHA
Abstract. We study the sources of the Great Moderation … Great Moderation and business-cycle fluctuations: capital depreci-
ation shocks, neutral technology shocks, and wage markup …