Irvine, F. Owen; Schuh, Scott - Federal Reserve Bank of Boston - 2005
Most of the reduction in GDP volatility since the 1983 is accounted for by a decline in comovement of output among … both within and between industries. As a result, the response of aggregate output to all types of shocks is dampened …. Structural changes accounted for more than 80 percent of the reduction in output volatility, thus weakening the case for “good …