Working Paper
Was There a Great Moderation for Inflation Volatility?
Abstract: Most accounts of the "Great Moderation"--a decline in macroeconomic volatility in the decades prior to the Great Recession--focus on employment growth and GDP growth. In this note, we demonstrate that the decline in core inflation volatility at a monthly frequency is principally an artifact of data construction.
https://doi.org/10.17016/2380-7172.2011
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Bibliographic Information
Provider: Board of Governors of the Federal Reserve System (U.S.)
Part of Series: FEDS Notes
Publication Date: 2017-06-29
Number: 2017-06-29