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Title:Will stability last? PDF Logo
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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