Origins of The Term
Chang-Jin Kim and Charles Nelson (1999) and Margaret McConnell and Gabriel Pérez-Quirós (2000) calculated that U.S. output volatility had declined substantially in the early 1980s. This phenomenon was called a "great moderation" by James Stock and Mark Watson in their 2002 paper, "Has the Business Cycle Changed and Why?". It was brought to the attention of the wider public by Ben Bernanke (then member and now chairman of the Board of Governors of the Federal Reserve) in a speech at the 2004 meetings of the Eastern Economic Association.
Read more about this topic: Great Moderation
Famous quotes containing the words origins of, origins and/or term:
“Compare the history of the novel to that of rock ‘n’ roll. Both started out a minority taste, became a mass taste, and then splintered into several subgenres. Both have been the typical cultural expressions of classes and epochs. Both started out aggressively fighting for their share of attention, novels attacking the drama, the tract, and the poem, rock attacking jazz and pop and rolling over classical music.”
—W. T. Lhamon, U.S. educator, critic. “Material Differences,” Deliberate Speed: The Origins of a Cultural Style in the American 1950s, Smithsonian (1990)
“Compare the history of the novel to that of rock ‘n’ roll. Both started out a minority taste, became a mass taste, and then splintered into several subgenres. Both have been the typical cultural expressions of classes and epochs. Both started out aggressively fighting for their share of attention, novels attacking the drama, the tract, and the poem, rock attacking jazz and pop and rolling over classical music.”
—W. T. Lhamon, U.S. educator, critic. “Material Differences,” Deliberate Speed: The Origins of a Cultural Style in the American 1950s, Smithsonian (1990)
“As the term of my relief from this place [Washington, D.C.] approaches, it’s drudgery becomes more nauseating and intolerable, and my impatience to be with you at Monticello increases daily.”
—Thomas Jefferson (1743–1826)