market in a general-equilibrium model of the world economy. We analyze the impact of the advent of fracking on the volatility … of oil prices. Our model predicts a large decline in this volatility …

uncertainty. The results dictate the role of uncertainty and volatility in structural models and we show they are consistent with …

introduce a model for asset return dynamics with a drift component, a volatility component and mutually exciting jumps known as …

flattens at low inflation. Macroeconomic volatility shifts the curve outward and reduces output. The results imply that … macroeconomic volatility …

We estimate the volatility of plant-level idiosyncratic shocks in the U.S. manufacturing sector. Our measure of … volatility is the variation in Revenue Total Factor Productivity which is not explained by either industry- or economy … cross-sectoral variation in the volatility of shocks is remarkable. Plants in the most volatile sector are subject to about …

-decreasing volatility in output and employment. We refer to the latter type of equilibria as expectation traps. In effect, our paper …

A widely held view is that openness to international trade leads to higher GDP volatility, as trade increases … important, openness to international trade can lower GDP volatility by reducing exposure to domestic shocks and allowing … question of whether and how international trade affects economic volatility …

At the zero lower bound, the central bank's inability to offset shocks endogenously generates volatility. In this …-contingent optimal monetary and fiscal policies can attenuate this endogenous volatility by stabilizing the distribution of future … outcomes. Fluctuations in uncertainty and the zero lower bound help our model match the unconditional and stochastic volatility …