The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
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.