In this paper, we investigate the spillover of the financial-market volatility arising from the East-asian crisis on … increased volatility should be kept in perspective: US-market and own-market developments generally had much greater influence … on prices and volatility than the shocks originating in the Asian crisis economies. Importantly, the financial …

The decline in output volatility in a number of countries over the past few decades has been well-documented, though … volatility. We suggest that reforms in product and labour markets can reduce volatility of aggregate output by encouraging … output volatility. Our estimates are reasonably robust to a number of alternative specifications, including those that …

We examine the relationship between the short-term volatility of the <em>effective</em> Real Exchange Rate (RER) and … in effective RER volatility when moving to more flexible exchange-rate regimes. Surprisingly, there are even some … countries for which volatility is lower under more flexible exchange-rate regimes. In part our findings reflect the fact that …