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Economic Development and Heterogeneity in the Great Moderation among the States

Author

Listed:
  • Guerron Pablo A

    (Federal Reserve Bank of Philadelphia)

  • Grennes Thomas J

    (North Carolina State University)

  • Leblebicioglu Asli

    (North Carolina State University)

Abstract

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.

Suggested Citation

  • Guerron Pablo A & Grennes Thomas J & Leblebicioglu Asli, 2011. "Economic Development and Heterogeneity in the Great Moderation among the States," The B.E. Journal of Macroeconomics, De Gruyter, vol. 11(1), pages 1-21, July.
    • Handle: RePEc:bpj:bejmac:v:11:y:2011:i:1:n:21
    DOI: 10.2202/1935-1690.2184
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    Cited by:

    1. Areendam Chanda & Bibhudutta Panda, 2016. "Productivity Growth In Goods And Services Across The Heterogeneous States Of America," Economic Inquiry, Western Economic Association International, vol. 54(2), pages 1021-1045, April.
    2. Gerald A. Carlino & Robert Defina & Keith Sill, 2013. "The Long and Large Decline in State Employment Growth Volatility," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(2‐3), pages 521-534, March.

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