In economics, the Great Moderation refers to a reduction in the volatility of business cycle fluctuations starting in the mid-1980s, believed to have been caused by institutional and structural changes in developed nations in the later part of the twentieth century. Sometime during the mid-1980s major economic variables such as real GDP growth, industrial production, monthly payroll employment and the unemployment rate began to decline in volatility.
Read more about Great Moderation: Origins of The Term, Causes, Effects, Possible End
Famous quotes containing the word moderation:
“I would remind you that extremism in the defense of liberty is no vice! And let me remind you also that moderation in the pursuit of justice is no virtue!”
—Barry Goldwater (b. 1909)