the upswing in the credit volatility that kept money supply variability from translating into inflation and GDP volatility. … volatilities away from the downward trending GDP and inflation volatilities. Using an en dogenous growth monetary DSGE model, with … micro-based banking production, enables a contrasting characterization of the two great volatility cycles over the …

Countries that have pursued distortionary macroeconomic policies, including high inflation, large budget deficits and … misaligned exchange rates, appear to have suffered more macroeconomic volatility and also grown more slowly during the postwar … more ‘extractive’ institutions from their colonial past were more likely to experience high volatility and economic crises …

asset pricing literature. In particular, our model is shown to jointly accommodate the mean and volatility of equity and …

responses to the inflation triggered by oil price shocks are an important source of aggregate fluctuations in the U.S. economy … VAR models, the Federal Reserve was not responding to the inflation triggered by oil price shocks, as commonly presumed …. We show that there is no evidence of systematic monetary policy responses to oil price shocks after 1987 and that this …

the 1973 oil shock, and the lessons learned from subsequent experience, both in terms of the issues which were thought to …

We use variation in oil output among Brazilian municipalities to investigate the effects of resource windfalls. We find … muted effects of oil through market channels: offshore oil has no effect on municipal non-oil GDP or its composition, while … onshore oil has only modest effects on non-oil GDP composition. However, oil abundance causes municipal revenues and reported …

less transparent government-owned companies such as the world-largest natural gas producer Gazprom: they appear to be …

analysis shows that the presence and location of oil are significant and quantitatively important predictors of inter …

any unhedged volatility must be managed by precautionary savings. If oil prices are pro-cyclical, oil should be extracted …Oil exporters typically do not consider below-ground assets when allocating their sovereign wealth fund portfolios, and … ignore above-ground assets when extracting oil. We present a unified framework for considering both. Subsoil oil should alter …