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dc.contributor.authorStiroh, Kevin J.en_US
dc.date.accessioned2012-08-17T14:29:18Z-
dc.date.available2012-08-17T14:29:18Z-
dc.date.issued2006en_US
dc.identifier.urihttp://hdl.handle.net/10419/60712-
dc.description.abstractThis paper examines the declining volatility of U.S. output growth from a production perspective. At the aggregate level, increased output stability reflects decreased volatility in both labor productivity growth and hours growth as well as a significant decline in the correlation. The decline in output volatility can also be traced to less volatile labor input and total factor productivity (TFP) growth and the smaller covariance between them. This relationship suggests that labor market changes such as increased labor market flexibility are an important source of increased output stability. At the industry level, the decline in volatility appears widespread, with about 80 percent of component industries showing smaller contributions to aggregate output volatility after 1984, although most of the aggregate decline reflects smaller covariances between industries. Across industries, there is strong evidence of a decline in the correlation between hours growth and labor productivity growth, suggesting again that the labor market dynamics are part of the decline in U.S. output volatility.en_US
dc.language.isoengen_US
dc.publisherFederal Reserve Bank of New York New York, NYen_US
dc.relation.ispartofseriesStaff Report, Federal Reserve Bank of New York 245en_US
dc.subject.jelO4en_US
dc.subject.jelE32en_US
dc.subject.ddc330en_US
dc.subject.keywordproductivity, volatilityen_US
dc.subject.stwVolatilitäten_US
dc.subject.stwProduktivitäten_US
dc.subject.stwWirtschaftswachstumen_US
dc.subject.stwArbeitsproduktivitäten_US
dc.subject.stwDekompositionsverfahrenen_US
dc.subject.stwUSAen_US
dc.titleVolatility accounting: A production perspective on increased economic stabilityen_US
dc.typeWorking Paperen_US
dc.identifier.ppn511441363en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Staff Reports, Federal Reserve Bank of New York

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