new panel database for 35 countries, this paper estimates the impact of terms of trade volatility and secular change on … country performance between 1870 and 1939. Volatility was much more important for accumulation and growth than was secular …

both create and share the risk associated with exchange rate volatility. In such circumstances, monetary policy can be used … of noise traders alters the composition of the market and generates excess exchange rate volatility, since noise traders … to lower exchange rate volatility without altering macroeconomic fundamentals. …

commensurate with their risk aversion; more risk-averse individuals pick lower-volatility stocks. The investors' portfolio …The preferred risk habitat hypothesis, introduced here, is that individual investors select stocks with volatilities … consistent with the predictions of the hypothesis: the portfolios contain highly similar stocks in terms of volatility, when …

Accounting for the pervasive evidence of limited international risk sharing is an important hurdle for open … the overall lack of risk sharing, with the tradable price component playing the dominant role in accounting for efficiency …

an import quota domestic and world prices may vary in the same direction. This is due to the possible positive employment … the domestic prices less sensitive to foreign price volatility. …