Explaining the great moderation: it is not the shocks

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Prior Selection for Vector Autoregressions (2015, unknown): “…a prior distribution pγ (θ), where θ is the vector of the model’s parameters and γ collects the hyperparameters, that is, those coefficients that parameterize the prior distribution but do not directly affect the likelihood.2 It is then natural to choose these hyperparameters by interpreting the…”
Structural changes in the US economy: Is there a role for monetary policy? (2009, unknown): “1 1 Þ and compute O ¼ ð Pdf O1 i¼1 ziz 0 iÞ 1 (see Gelman et al., 1995).”
Measuring Uncertainty and Its Impact on the Economy (2016, result): “This ﬁnding is in line with Giannone, Lenza and Reichlin (2008), who stress that the Great Moderation appears smaller with models based on larger datasets than with models based on smaller datasets.”
Macroeconomic Forecasting and Structural Change (2010, background): “Table 3 shows the results for the “Great Moderation” period.”
Financial Regulation, Financial Globalization and the Synchronization of Economic Activity (2009, methodology): “First, following Giannone, Lenza, and Reichlin (2008), we measure business cycle synchronization with the negative of divergence, defined as the absolute value of real GDP growth differences between country i and j in year t. 15In the previous version of the paper we experiment with other proxy…”