volatility comparable to the Great Moderation of the 1980s-2000s. This moderation occurred despite a lack of central banks, low …

rotation data set for the period 1979:1-2003:4, we find that the volatility of aggregate skilled hours relative to the … volatility of GDP has nearly tripled since 1984. In contrast, the cyclical properties of unskilled hours have remained … to an increase in the relative volatility of skilled hours: (i) a reduction in the degree of capital …

:1-2003:4, we find that the volatility of aggregate skilled hours relative to the volatility of GDP has nearly tripled since 1984 … volatility of skilled hours: (i) a reduction in the degree of capital-skill complementarity, (ii) a reduction in the absolute … volatility of GDP (and unskilled hours), and (iii) an increase in the level of capital equipment relative to skilled labor. We …

in the financial system is important in explaining consumption and investment volatility, and the proportion of credit … provided to the private sector explains the volatility of consumption and output. The main results are generated using fixed …