Owyang, Michael T. (contributor); … - 2008 - Rev.
explanations of the Great Moderation. [JEL: R11, E32]
Keywords: volatility reduction, state business cycles … Great Moderation.”
In this paper, we examine the Great Moderation using a state-level empirical business
cycle model that … magnitude of state-level
business cycles. They found that state business cycles, though similar to the national cycle …