volatility comparable to the Great Moderation of the 1980s-2000s. This moderation occurred despite a lack of central banks, low …

, which includes secular changes in the economic structure and a substantial reduction of output volatility. We find two … robust structural breaks in volatility at the end of WWII and in the mid-eighties, showing that the GM still holds in the … longer perspective. Furthermore, we show that GM volatility reduction is only linked to expansion features. We also date the …

welfare is three times as large as government savings. Finally, I study the extent to which the government can expand college …