Barnett, William; Chauvet, Marcelle - Department of Economics, University of Kansas - 2008
The current financial crisis followed the “great moderation,” according to which some commentators and economists … unreasonably risky, prior to the great moderation that was viewed as having lowered systemic risk. It is the position of this paper … that the great moderation did not reflect improved monetary policy, and the perceptions that systemic risk had decreased …