Figure 1 can also be used to depict a second possible explanation for the Great Moderation, which is that, rather than monetary policy having improved, the underlying economic environment may have become more stable. Changes in the structure of the economy that increased its resilience to shocks or reductions in the variance of the shocks themselves would improve the volatility tradeoff faced by policymakers.
He joined the Scientific Committee of the Historical Research Papers, contributed to the planning of the Seminars in Economic History and reviewed many studies. He was a regular point of reference for (often scientifically severe) confrontation and exchanges of ideas, for reflections on the economic history of the country, on the methodologies of analysis, on the interpretation of the results.