Why Has the Economy Become Less Volatile? Page: 3 of 15
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Contents
O verview ...................................
Three Possible Explanations for the Great Moderation
Changes in the Structure of the Economy ..... .
B etter Policy ............................ .
B etter Luck ............................. .
The 2008 Slowdown and the Great Moderation:
An Exception That Proves the Rule? ......... .. . . . . . . . . . . . . . . . . . . . . 1
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10Policy Implications .............................................. 12
List of Figures
Figure 1. Quarterly GDP Growth, 1947-2008:2 .......................... 1
Figure 2. Cumulative Change in GDP in Post-War Recessions
and Since 2007.4 ............................................11
List of Tables
Table 1. Volatility of GDP and Its Components, 1959:3-2008:2 ............. 3
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Labonte, Marc. Why Has the Economy Become Less Volatile?, report, August 1, 2008; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metadc808359/m1/3/: accessed April 23, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.