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There is no consensus about the causes of the reduction in business cycle volatility seen in many major economies over … stability has been fostered by improved monetary policy and by associated changes in the behaviour of inflation, which has … itself led to a reduction in the volatility of economic shocks. Our projections suggest that a number of major economies …
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There is no consensus about the causes of the reduction in business cycle volatility seen in many major economies over … stability has been fostered by improved monetary policy and by associated changes in the behaviour of inflation, which has … itself led to a reduction in the volatility of economic shocks. Assuming an absence of cataclysmic events, our projections …
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The Great Moderation, the significant decline in the variability of economic activity, provides a most remarkable feature of the macroeconomic landscape in the last twenty years. A number of papers document the beginning of the Great Moderation in the US and the UK. In this paper, we use the...
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