structure and a substantial reduction of output volatility. We find two robust structural breaks in volatility at the end of … volatility reduction is only linked to expansion features. We also date the US business cycle in the long run, finding that … volatility plays a primary role in the definition of the business cycle, which has important consequences for econometricians and …

Acceleration and the Great Moderation. The implication is that changing variances of shocks caused the reduction of volatility …. Smaller Fed policy errors accounted for the fall in inflation volatility. Smaller supply shocks accounted for the fall in … output volatility and smaller demand shocks for lower interest rate volatility. The same model with differing Taylor rules of …