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Licensed Unlicensed Requires Authentication Published by De Gruyter July 15, 2011

Economic Development and Heterogeneity in the Great Moderation among the States

Pablo A Guerron , Thomas J Grennes and Asli Leblebicioglu

Using state level personal income, we document the substantial heterogeneity in the magnitude and timing of the Great Moderation. Low income states experienced remarkable moderation, but some richer states experienced significant increases in volatility. We evaluate the findings from a development perspective, and discuss how differences in income per capita and the structure of production can determine the heterogeneity in income volatility across states.

Published Online: 2011-7-15

©2011 Walter de Gruyter GmbH & Co. KG, Berlin/Boston

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