A number of studies have documented a reduction in aggregate macroeconomic volatility beginning in the early 1980s, i.e., the quot;Great Moderation.quot; This paper documents the Great Moderation at the state level, finding significant heterogeneity in the timing and magnitude of states'...

Using a regional VAR, we find large differences in the effects of monetary policy shocks across regions of the United States. We also find that the region-level effects of monetary policy differ a great deal between the pre-Volcker and Volcker-Greenspan periods in terms of their depth and...