-aged individuals. Understanding the mechanism underlying this observation is key to explaining the volatility of aggregate hours over …

This paper shows that proximity to major international financial centers seems to reduce business cycle volatility. In …

1990s and thereafter. U.S. data also show a secular decline in the job destruction rate and the volatility of firm … relationship of job destruction and business volatility to unemployment flows. We find strong evidence that declines in the …

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 …

Is monetary policy less effective at increasing real output during periods of high volatility than during normal times …? In this paper, I argue that greater volatility leads to an increase in aggregate price flexibility so that nominal … stimulus mostly generates inflation rather than output growth. To do this, I construct price-setting models with "volatility …

-to-market ratio of low-volatility stocks minus the book-to-market ratio of high-volatility stocks. PVSt is high when perceived risk …