| HBS Case Collection
(Revised January 2011)
The Great Moderation, Dead or Alive?
The Great Moderation is a significant decline in the volatility of fluctuations in most macroeconomic variables that the United States and other developed and developing economies have experienced at least since the mid-1980s. This case describes the basic facts, presents contending explanations, and explores the consequences of the Great Moderation for the likely amplitude of future business cycles.