The volatility of aggregate economic activity in the United States decreased markedly in the mid eighties. The decrease involved several components of GDP and has been linked to a more stable economic environment, identified by smaller shocks and more effective policy, and a diverse set of...

The volatility of aggregate economic activity in the United States decreased markedly in the mid eighties. The decrease was diffused among several components of GDP and has been linked to a more stable economic environment, identified by smaller shocks and more effective policy, and a diverse...