Declining output growth volatility: A sectoral decomposition

초록

A decomposition of the U.S. aggregate output growth volatility using two-digit industry-level data shows that more than 60% of the post-1983 reduction in aggregate output growth volatility is attributed to the lowered comovement in total factor productivity (TFP) growth between industries. In contrast, stabilized input and TFP growths within an industry contribute little. (c) 2009 Elsevier B.V. All Fights reserved.

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