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- W2019423229 abstract "The two-regime Markov-switching model that James Hamilton estimated for US real GNP up to 1984 does not survive extension of the data set. To allow for the ‘Great Moderation’ we require a mean and variance regime that evolve separately. The Markov-switching component model is proposed as a way to avoid estimating a fragile four-regime model. The resulting model captures business cycles and structural change in the variance well." @default.
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- W2019423229 date "2013-02-01" @default.
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- W2019423229 title "A Markov-switching model with component structure for US GNP" @default.
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- W2019423229 doi "https://doi.org/10.1016/j.econlet.2012.10.035" @default.
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