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Less Recessions and They're Less Severe?

phattonez

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Christina Romer said:
The bottom line of this analysis is that
economic fluctuations have changed somewhat over time, but neither as much nor
in the way envisioned by Burns. Major real macroeconomic indicators have not
become dramatically more stable between the pre-World War I and post-World
War II eras, and recessions have become only slightly less severe on average.
Recessions have, however, become less frequent and more uniform over time.

http://emlab.berkeley.edu/users/cromer/JEP_Spring99.pdf

Kind of interesting.
 
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