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

Stock return volatility during the Great Depression has been labeled a “volatility puzzle” because the standard …, and Jones; 1990). We investigate the “volatility puzzle” using a new series of building permits, a forward-looking measure … of economic activity. Our results suggest that the volatility of building permit growth largely explains the high level …

of reduced business-cycle volatility. Supply shocks accounted for 80 percent of the volatility of inflation before 1984 …This paper investigates the sources of the widely noticed reduction in the volatility of American business cycles since … the mid 1980s. Our analysis of reduced volatility emphasizes the sharp decline in the standard deviation of changes in …

stimulus mostly generates inflation rather than output growth. To do this, I construct price-setting models with "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 …