We study the effects of on-the-job skill accumulation on average hours worked by age and the volatility of hours over … volatility of hours over the life cycle depends on the value of the intertemporal elasticity of labor supply. When individuals … accumulate skills by on-the-job training, there are only weak effects on both the steady-state labor supply and its volatility …

The volatility of US business cycles has declined during the last two decades. During the same period the financial … volatility of output together with a higher volatility in the financial structure of firms …

the volatility of GDP growth at all frequencies. Monetary policymakers looking to a neoclassical model to provide the …

consumption and leisure. Output volatility is comparable with a rational expectations analysis with a standard deviation of … technology shock that is 20 percent smaller, and has substantially more volatility in investment and hours. Persistence in these …

Recent critiques have demonstrated that existing attempts to account for the unemployment volatility puzzle of search … volatility of risk-free rates. We propose a model that is immune to these critiques and solves this puzzle by allowing for …

. We develop a multi-country version of the Lucas tree model with time-varying volatility and show that in addition to … the cross country variations of the realized volatility of equity returns. Using this theoretical insight, two common …-country correlations of country-specific innovations to real GDP growth and realized stock market volatility. We then quantify the absolute …