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ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
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http://hdl.handle.net/10419/18689
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| Title: | | Will stability last?  |
| Authors: | | Martin, William Rowthorn, Robert |
| Issue Date: | | 2004 |
| Series/Report no.: | | CESifo working papers 1324 |
| Abstract: | | There is no consensus about the causes of the reduction in business cycle volatility seen in many major economies over the last decade. Using stylised models of the economies of the US, Euro area, UK and Japan, we argue that economic stability has been fostered by improved monetary policy and by associated changes in the behaviour of inflation, which has itself led to a reduction in the volatility of economic shocks. Assuming an absence of cataclysmic events, our projections suggest that most major economies should continue to enjoy an unusual degree of stability. |
| Subjects: | | growth volatility inflation stabilisation business cycles US UK Euro area Japan |
| JEL: | | E3 F01 E52 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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