shocks shift to the low volatility regime around 1985 whereas inflation shocks do so only around 1990, suggesting active … volatility of the macro variables. We provide new estimates of the onset and demise of the Great Moderation and the relative role …

shocks shift to the low volatility regime around 1985 and 1990, respectively. However, we also identify multiple shifts … between accommodating and active monetary policy regimes, which play an as important role as shock volatility in driving the … volatility of the macro variables. We provide new estimates of the onset and demise of the Great Moderation and quantify the …

shocks shift to the low volatility regime around 1985 whereas inflation shocks do so only around 1990, suggesting active … volatility of the macro variables. We provide new estimates of the onset and demise of the Great Moderation and the relative role …

period. Output shocks shift to the low volatility regime around 1985 whereas inflation shocks do so only around 1990 … drive the volatility of the macro variables. We provide new estimates of the onset and demise of the Great Moderation and …