Structural change and output volatility reduction in OECD countries: evidence of the Second Great Moderation

Duran, Hasan Engin

doi:10.1186/s40008-019-0171-1

Journal of Economic Structures

The Official Journal of the Pan-Pacific Association of Input-Output Studies (PAPAIOS)

Table 5 Volatility break test for country-specific shocks

From: Structural change and output volatility reduction in OECD countries: evidence of the Second Great Moderation

Countries	2010Q1			F test	1982Q3			F test	1972Q3			F test
Countries	Pre-break volatility	Post-break volatility	Pre-break/post-break	F test	Pre-break volatility	Post-break volatility	Pre-break/post-break	F test	Pre-break volatility	Post-break volatility	Pre-break/post-break	F test
Australia	0.896	0.320	2.797	0.000	1.110	0.640	1.735	0.000	1.199	0.741	1.617	0.000
Austria	0.807	0.345	2.343	0.000	1.020	0.565	1.806	0.000	0.895	0.725	1.234	0.075
Belgium	0.525	0.232	2.259	0.000	0.533	0.468	1.137	0.187	0.310	0.521	0.595	0.000
Canada	0.646	0.422	1.529	0.005	0.808	0.485	1.665	0.000	0.893	0.545	1.639	0.000
Denmark	0.867	0.643	1.348	0.044	0.750	0.881	0.851	0.118	0.504	0.889	0.567	0.000
Finland	1.229	0.626	1.961	0.000	1.475	0.945	1.561	0.000	1.583	1.052	1.505	0.000
France	0.851	0.307	2.774	0.000	1.185	0.460	2.578	0.000	1.601	0.486	3.292	0.000
Germany	0.873	0.411	2.125	0.000	0.915	0.764	1.197	0.066	1.115	0.745	1.497	0.000
Greece	2.061	1.335	1.544	0.004	2.361	1.737	1.359	0.002	1.235	2.096	0.589	0.000
Iceland	1.552	1.878	0.827	0.122	1.206	1.783	0.676	0.000	1.629	1.600	1.018	0.843
Ireland	1.002	3.535	0.284	0.000	0.662	1.992	0.333	0.000	0.693	1.786	0.388	0.000
Italy	0.778	0.344	2.263	0.000	1.013	0.516	1.962	0.000	1.230	0.578	2.129	0.000
Japan	0.893	0.824	1.084	0.599	0.956	0.841	1.136	0.191	0.934	0.872	1.070	0.551
Korea	1.660	0.279	5.949	0.000	1.950	1.253	1.555	0.000	2.190	1.362	1.608	0.000
Luxembourg	0.981	1.237	0.793	0.059	0.639	1.180	0.541	0.000	0.688	1.079	0.638	0.002
Mexico	1.010	0.487	2.076	0.000	0.613	1.088	0.563	0.000	0.349	1.030	0.339	0.000
Netherlands	1.002	0.526	1.904	0.000	1.343	0.636	2.113	0.000	1.226	0.875	1.401	0.004
New Zealand	1.396	0.611	2.285	0.000	0.952	1.466	0.650	0.000	1.070	1.351	0.792	0.094
Norway	0.974	0.833	1.169	0.288	0.810	1.024	0.791	0.024	0.534	1.019	0.524	0.000
Portugal	0.922	0.506	1.823	0.000	0.992	0.801	1.238	0.028	0.998	0.845	1.181	0.159
Spain	0.667	0.354	1.883	0.000	0.766	0.544	1.409	0.000	1.025	0.514	1.993	0.000
Sweden	1.156	0.577	2.002	0.000	1.484	0.798	1.859	0.000	1.583	0.958	1.652	0.000
Switzerland	0.835	0.332	2.517	0.000	1.146	0.480	2.389	0.000	1.399	0.579	2.416	0.000
Turkey	1.842	1.176	1.566	0.003	0.640	2.130	0.301	0.000	0.625	1.907	0.328	0.000
United Kingdom	0.852	0.310	2.752	0.000	1.149	0.512	2.244	0.000	0.973	0.754	1.290	0.031
United States	0.684	0.372	1.838	0.000	0.915	0.440	2.077	0.000	0.778	0.618	1.260	0.051
Mean			1.988				1.374				1.252

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