The Great Moderation refers to the fall in U.S. output growth volatility in the mid-1980s. At the same time, the United States experienced a moderation in inflation and lower average inflation. Using annual data since 1890, we find that an earlier, 1946 moderation in output and consumption...

In this paper, we estimate a monthly series for Gross Domestic Product at market prices for Canada and a price deflator for the period 1962 to 1985. These estimates are consistent with the quarterly estimates which form the basis of the new national income measures of Statistics Canada. We...

Differences across countries or decades in the countercyclical stance of fiscal policy can help identify whether the growth in government spending affects output growth and so speeds recovery from a recession. We use the heterogeneity in the government-spending reaction functions across twenty...