This paper examines the mechanisms through which output volatility is related to trade openness using an industry … appreciable impact on aggregate volatility. Added together they imply that the relationship between trade openness and …

Intro -- Contents -- I. INTRODUCTION -- II. THE BUILDING BLOCKS -- III. LEVEL AND VOLATILITY OF MACROECONOMIC OUTCOMES … -- IV. MAGNITUDE AND VOLATILITY OF SHOCKS -- V. MACROECONOMIC POLICY VOLATILITY -- VI. STRUCTURAL POLICY VOLATILITY AND …