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Title:On the continuation of the great moderation: New evidence from G7 countries PDF Logo
Authors:Chen, Wenjuan
Issue Date:2011
Series/Report no.:SFB 649 discussion paper 2011-060
Abstract:This paper employs a Markov regime-switching approach to investigate whether the Great Moderation is over since the start of the late 2000s recession. The results confirm that the recent financial crisis did cause a simultaneous high-volatility period among the G7 countries. However, the financial crisis may not mark the end of the Great Moderation. There is strong evidence that each G7 country has again returned to the low-variance state since 2009 or the beginning of 2010.
Subjects:output fluctuations
financial crisis
regime switching
JEL:E20
F01
G01
N10
Document Type:Working Paper
Appears in Collections:SFB 649 Discussion Papers, HU Berlin

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