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Sunday, July 19, 2009

The Great Moderation: Technology and Monetary Policy

Below is a paper I wrote on the moderation in business cycle volatility experienced from the 1990s through the mid-2000s. I explore the impact of the information technology revolution and innovation in monetary policy on the behavior of prices and output. Viewed through the current lens of the 2007 recession, one potential variable that I would like to investigate is the buildup of moral hazard in the financial system. Let me know what you think or if you have comments.
Changing Business Cycle Dynamics V2.1

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