financial volatility. Uncertainty shocks hitting in recessions are found to trigger a more abrupt drop and a faster recovery in …

, the effect on inflation is not significantly different from zero. This suggests that while the Japanese Quantitative … Easing experiment was successful in stimulating real activity in the shortrun, it did not lead to any increase in inflation …

and inflation in the member countries. Stress in a country is defined as the difference between the country's actual short …

conclude that monetary policy shocks were not the major driver of output, inflation, or interest rates during the Great …

direct forecasts when estimation error is a first-order concern, i.e. in small samples and for long forecast horizons …

;Great Moderationquot; can be found in firm level data as well remains disputed. We study the evolution of firm level output volatility … trends in unconditional firm level and aggregated output volatility in Germany are similar. There has been a long …-run downward trend, which was interrupted by the unification period. Second, the conditional, idiosyncratic firm level volatility …

, output volatility, and economic growth, using a large cross-section of 88 countries over the period 1960 to 2004 … results: First, both pro- and countercyclical fiscal policy amplify output volatility, much in a way like pure fiscal shocks … that are unrelated to the cycle. Second, output volatility, due to variations in cyclical and discretionary fiscal policy …

A growing literature uses changes in residual volatility for identifying structural shocks in vector autoregressive … in applications in this context. This study reviews the different volatility models and points out their advantages and …