Explaining The Great Moderation: It Is Not The Shocks
指出1980年代中期以来GDP增长波动下降的原因并非外生冲击波动减小，而是冲击传导机制发生了变化。
This paper shows that the explanation of the decline in the volatility of GDP growth since the mid 1980s is not the decline in the volatility of exogenous shocks but rather a change in their propagation mechanism.