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A Decomposition of the Increased Stability of GDP Growth
August 1999Volume 5, Number 13
JEL classification: E3, E22, E32
Authors: Margaret M. McConnell, Patricia C. Mosser, and GabrielPerez Quiros
Since 1984, the U.S. economy has grown at a remarkably steady pace. An analysis of this increased stability shows that every major component of GDP has exhibited smoother growth. However, two componentsinventory investment and consumer spendingare responsible for the bulk of the decline in overall volatility.