"National Bureau of Economic Research" . . "Zins" . . . "Interpreting the Great Moderation changes in the volatility of economic activity at the macro and micro levels"@en . . . "Interpreting the Great Moderation: changes in the volatility of economic activity at the macro and micro levels" . . . . "Interpreting the great moderation : changes in the volatility of economic activity at the macro and micro levels" . . . "Interpreting the Great Moderation Changes in the Volatility of Economic Activity at the Macro and Micro Levels" . "Interpreting the Great Moderation Changes in the Volatility of Economic Activity at the Macro and Micro Levels"@en . "We review evidence on the Great Moderation in conjunction with evidence about volatility trends at the micro level. We combine the two types of evidence to develop a tentative story for important components of the aggregate volatility decline and its consequences. The key ingredients are declines in firm-level volatility and aggregate volatility -- most dramatically in the durable goods sector -- but the absence of a decline in household consumption volatility and individual earnings uncertainty. Our explanation for the aggregate volatility decline stresses improved supply-chain management, particularly in the durable goods sector, and, less important, a shift in production and employment from goods to services. We provide evidence that better inventory control made a substantial contribution to declines in firm-level and aggregate volatility. Consistent with this view, if we look past the turbulent 1970s and early 1980s much of the moderation reflects a decline in high frequency (short-term) fluctuations. While these developments represent efficiency gains, they do not imply (nor is there evidence for) a reduction in economic uncertainty faced by individuals and households."@en . . . . . . "We review evidence on the Great Moderation in conjunction with evidence about volatility trends at the micro level. We combine the two types of evidence to develop a tentative story for important components of the aggregate volatility decline and its consequences. The key ingredients are declines in firm-level volatility and aggregate volatility - most dramatically in the durable goods sector - but the absence of a decline in household consumption volatility and individual earnings uncertainty. Our explanation for the aggregate volatility decline stresses improved supply-chain management, particularly in the durable goods sector, and, less important, a shift in production and employment from goods to services. We provide evidence that better inventory control made a substantial contribution to declines in firm-level and aggregate volatility. Consistent with this view, if we look past the turbulent 1970s and early 1980s much of the moderation reflects a decline in high frequency (short-term) fluctuations. While these developments represent efficiency gains, they do not imply (nor is there evidence for) a reduction in economic uncertainty faced by individuals and households." . "Interpreting the Great Moderation : Changes in the Volatility of Economic Activity at the Macro and Micro Levels" . . . . . . . . . "Interpreting the Great Moderation : changes in the volatility of economic activity at the macro and micro levels"@en . . . . . . . . . . . "Arbeitspapier -- Working paper." . . "Investition" . . "1954-2004" . . . . "Wirtschaftswachstum" . . "Wirtschaftswachstum / Zins / Inflationsrate / Investition / Volatilität / Gleichgewichtiges Wachstum / USA." . . "USA" . . "Volatilität" . . "Inflationsrate" . . "Gleichgewichtiges Wachstum" . . "Zonder onderwerpscode: economie." . .