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Economic Development and Heterogeneity in the Great Moderation among the States
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Pablo A Guerron
, Thomas J Grennes und Asli Leblebicioglu
Veröffentlicht/Copyright:
15. Juli 2011
Using state level personal income, we document the substantial heterogeneity in the magnitude and timing of the Great Moderation. Low income states experienced remarkable moderation, but some richer states experienced significant increases in volatility. We evaluate the findings from a development perspective, and discuss how differences in income per capita and the structure of production can determine the heterogeneity in income volatility across states.
Published Online: 2011-7-15
©2011 Walter de Gruyter GmbH & Co. KG, Berlin/Boston
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Artikel in diesem Heft
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- Optimal Monetary Policy and Social Insurance in a Small Open Economy
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Artikel in diesem Heft
- Advances Article
- Trend Agnostic One-Step Estimation of DSGE Models
- Contributions Article
- Human Capital, Technology Adoption and Development
- Optimal Monetary Policy and Social Insurance in a Small Open Economy
- Estimated Interest Rate Rules: Do they Determine Determinacy Properties?
- Cyclical Upgrading of Labor and Employment Differences across Skill Groups
- Short-Run and Long-Run Effects of Banking in a New Keynesian Model
- Simple Analytics and Empirics of the Government Spending Multiplier and Other "Keynesian" Paradoxes
- Private Equity Premium and Aggregate Uncertainty in a Model of Uninsurable Investment Risk
- Economic Development and Heterogeneity in the Great Moderation among the States
- Social Security, Differential Fertility, and the Dynamics of the Earnings Distribution
- The Quality of Public Investment
- House Price Growth, Collateral Constraints and the Accumulation of Homeowner Debt in the United States
- The "Elusive" Capital-User Cost Elasticity Revisited
- Asset Pricing and Housing Supply in a Production Economy
- Fiscal Calculus and the Labor Market
- The Price of Egalitarianism
- Topics Article
- How Costly is CPI Inflation Targeting: A Two Sector Model with No Labor Mobility
- Cyclical Behavior of a Matching Model with Capital Investment
- The Cost Channel, Indeterminacy, and Price-Level versus Inflation Stabilization
- Monetary Policy Shocks and Risk Premia in the Interbank Market
- Slow-Moving Traps
- An Alternative Method for Measuring Financial Frictions
- Bubbles and Self-Fulfilling Crises
- Structural Breaks and the Fisher Effect
- Welfare Costs of Inflation and the Circulation of U.S. Currency Abroad
- Trade Liberalization, Competition and Growth
- The Dynamic Relationship between Inflation and Output Growth in a Cash-Constrained Economy
- Inflation Nutters? Modelling the Flexibility of Inflation Targeting
- Does Insurance Matter for Growth: Empirical Evidence from OECD Countries
- 28 Months Later: How Inflation Targeters Outperformed Their Peers in the Great Recession
- Time-Varying Returns, Intertemporal Substitution and Cyclical Variation in Consumption
- Micro-Data on Nominal Rigidity, Inflation Persistence and Optimal Monetary Policy
- How the Housing and Financial Wealth Effects Have Changed over Time
- Technology Shocks and Employment: Evidence from U.S. Firm-Level Data
- Monetary Policy Transmission under Zero Interest Rates: An Extended Time-Varying Parameter Vector Autoregression Approach
- Alternative Perspectives on Optimal Public Debt Adjustment
- Policy Distortions and Aggregate Productivity: The Role of Idiosyncratic Shocks
- Sector-Specific Markup Fluctuations and the Business Cycle: A Cross-Country Analysis
- External Debts and Current Account Adjustments
- Welfare Implications of Regional Asymmetries in a Monetary Union
- News Shocks and the External Finance Premium
- Interest Rates and Real Business Cycles in Emerging Markets