Fritsche, Ulrich; Kuzin, Vladimir - In: Applied Economics 37 (2005) 21, pp. 2445-2457
The decline in output volatility in Germany is analysed. A lower level of variance in an autoregressive model of output growth can be either due to a change in the structure of the economy (a change in the propagation mechanism) or a reduced error term variance (reduced impulses). In Germany the...