Is the Great Moderation "still in progress"? Jason Furman says it is:
The Great Moderation Is Back, by Binyamin Appelbaum, NY Times: Perhaps you remember the Great Moderation, the comforting term economists pinned on the period of relatively steady growth that began in the early 1980s.
Perhaps you’ve even looked back and laughed at the very idea.
Jason Furman has a more complicated view. The head of the president’s Council of Economic Advisers argued in an interesting speech on Thursday that the Great Moderation is still in progress. The growth of jobs and economic activity over the last five years has snapped back into the same kind of steady pattern that prevailed before the recession...