Canarella, Giorgio; Fang, WenShwo; Miller, Stephen M.; … - 2008
The Great Moderation, the significant decline in the variability of economic activity, provides a most remarkable … Moderation in the US and the UK. In this paper, we use the Markov regime-switching models of Hamilton (1989) and Hamilton and … Susmel (1994) to document the end of the Great Moderation. The Great Moderation in the US and the UK begin at different point …