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| Author: | Stiroh, K.J. |
| Title: | Volatility accounting: A production perspective on increased economic stability |
| Journal: | Journal of the European Economic Association
2009 : JUN, VOL. 7:4, p. 671-696 |
| Index terms: | volatility growth economic stability production |
| Language: | eng |
| Abstract: | This article explores the declining volatility of U.S. output growth from a production perspective. Increased output stability reflects decreased volatility in both labor productivity growth and hours growth as well as a significant decline in the covariance. The decline in output volatility can also be traced to less volatile labor input and total factor productivity growth. The decline in volatility appears widespread at the industry level.About 80% of component industries show smaller contributions to aggregate output volatility after 1984 although most of the aggregate decline reflects smaller covariances between industries. There is also evidence of a decline in the correlation between hours and labor productivity growth across industries. |
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