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Replication data for: The Great Diversification and Its Undoing

Version
V0
Resource Type
Dataset
Creator
  • Carvalho, Vasco
  • Gabaix, Xavier
Publication Date
2013-08-01
Description
  • Abstract

    We investigate the hypothesis that macroeconomic fluctuations are primitively the results of many microeconomic shocks. We define fundamental volatility as the volatility that would arise from an economy made entirely of idiosyncratic sectoral or firm-level shocks. Fundamental volatility accounts for the swings in macroeconomic volatility in the major world economies in the past half-century. It accounts for the "great moderation" and its undoing. The initial great moderation is due to a decreasing share of manufacturing between 1975 and 1985. The recent rise of macroeconomic volatility is chiefly due to the growth of the financial sector.
Availability
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Relations
  • Is supplement to
    DOI: 10.1257/aer.103.5.1697 (Text)
Publications
  • Carvalho, Vasco, and Xavier Gabaix. “The Great Diversification and Its Undoing.” American Economic Review 103, no. 5 (August 2013): 1697–1727. https://doi.org/10.1257/aer.103.5.1697.
    • ID: 10.1257/aer.103.5.1697 (DOI)

Update Metadata: 2020-05-18 | Issue Number: 2 | Registration Date: 2019-10-12

Carvalho, Vasco; Gabaix, Xavier (2013): Replication data for: The Great Diversification and Its Undoing. Version: V0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E112656