On the Sources of the Great Moderation
---- Acknowledgements ----
We are grateful for comments and suggestions to R?gis Barnichon, Olivier Blanchard, Steve Davis, Davide Debortoli, Luigi Guiso, Sharon Kozicki, Steve Nickell, Gabriel P?rez-Quir?s, Valerie Ramey, Thijs van Rens, Todd Walker, Mark Watson, two anonymous referees, and participants in numerous seminars and conferences. The authors acknowledge the financial support from Ministerio de Educaci?n y Ciencia (grants SEJ 2005-01124 and SEJ-2004-21682-E, respectively), the Barcelona GSE Research Network, and the Generalitat de Catalunya. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.