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The B.E. Journal of Macroeconomics

Editor-in-Chief: Cavalcanti, Tiago / Kambourov, Gueorgui

Ed. by Abraham, Arpad / Carceles-Poveda , Eva / Debortoli, Davide / Lambertini, Luisa / Nimark, Kristoffer / Wang, Pengfei

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CiteScore 2017: 0.62

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Economic Development and Heterogeneity in the Great Moderation among the States

Pablo A Guerron / Thomas J Grennes / Asli Leblebicioglu
Published Online: 2011-07-15 | DOI: https://doi.org/10.2202/1935-1690.2184

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.

Keywords: Great Moderation; economic development; specialization

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Published Online: 2011-07-15

Citation Information: The B.E. Journal of Macroeconomics, Volume 11, Issue 1, ISSN (Online) 1935-1690, DOI: https://doi.org/10.2202/1935-1690.2184.

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