Interpreting the Great Moderation: Changes in the Volatility of Economic Activity at the Macro and Micro Levels
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Doug Elmendorf, Nick Bloom, and other participants at the San Francisco Fed’s CSIP conference offered helpful comments, as did Charles Steindel. The editors of this journal – Jim Hines, Andrei Shleifer, Jeremy Stein and Timothy Taylor – provided many constructive comments that led to significant improvements in the paper. Parts of the paper also owe a significant debt to discussions with Meg McConnell. Responsibility for any flaws in the final product remains with the authors. The views expressed in this article are those of the authors and do not necessarily reflect the position of the Federal Reserve Bank of New York, the Federal Reserve System, or the National Bureau of Economic Research.