The Great Moderation in part refers to the moderate variability in real GDP that occurred after the

Question:

The Great Moderation in part refers to the moderate variability in real GDP that occurred after the 1981-1982 recession and before the 2008-2009 recession. In Figure what do you observe about the behavior of the deviations from tend in the price level over the period 1947-2007? Relate this to the Great Moderation experience, and discuss.