(2021), “The Great Moderation: Updated Evidence with Joint Tests for Multiple Structural Changes in Variance and Persistence”, Empirical Economics, Vol. 62, pp. 11931218; Waller, C. and Crews, J. (2016), “Was the Great Moderation Simply on Vacation?”, The Economy Blog, Federal Reserve Bank of St. Louis; and Clark, T. (2009), “Is the Great Moderation over?
An Empirical Analysis”, Economic Review, Federal Reserve Bank of Kansas City, Vol. 94, Issue Q IV, pp. 5-42. 4. Stock, J. and Watson, M. (2002), op. cit. There were also other factors, such as changes in inventory management and more efficient financial markets, that are thought to have contributed to the decline in volatility. See, for example, Ahmed, S., Levin, A. and Wilson, B.