Gambetti, Luca; Galí, Jordi - In: American Economic Journal: Macroeconomics 1 (2009) 1, pp. 26-57
The Great Moderation in the US economy has been accompanied by large changes in the comovements among output, hours, and labor productivity. Those changes are reflected in both conditional and unconditional second moments as well as in the impulse responses to identified shocks. Among other...