Owyang, Michael T. (contributor); … - 2008 - Rev.
Become More Stable? A
Bayesian Approach Based on a Markov-Switching Model of the Business Cycle,” Review
of Economics and … explanations of the Great Moderation. [JEL: R11, E32]
Keywords: volatility reduction, state business cycles …-0442.
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Department of Economics, 1285 University of Oregon, Eugene, OR 97403.
1. Introduction
The U.S. economy has experienced a …