We review evidence on the Great Moderation in conjunction with evidence about volatility trends at the micro level. We … combine the two types of evidence to develop a tentative story for important components of the aggregate volatility decline … and its consequences. The key ingredients are declines in firm-level volatility and aggregate volatility -- most …

. raising mechanism due to the sharp increase in interest rate volatility that has followed the Federal Reserve System …'s adoption of new monetary policy procedures in 1979. First, the increased volatility has probably led nonfinancial corporations … increased volatility has probably led underwriters of high grade corporate bonds to increase the spread of a typical new issue …

The remarkable decline in macroeconomic volatility experienced by the U.S. economy since the mid-80s (the so … to identified shocks. Among other changes, our findings point to (i) an increase in the volatility of hours relative to … output, (ii) a shrinking contribution of non-technology shocks to output volatility, and (iii) a change in the cyclical …

role for credit growth (beyond its role in constructing the inflation forecast) would reduce the volatility of output and …

inflation process is well described by an unobserved component trend-cycle model with stochastic volatility or, equivalently, an …

financial stringency from the harvest season, with the rest of the year during the period 1870-1925. Stock volatility in the … period (1870- May 1908). We also find that the volatility of the call loan rate declined nearly 70 percent in September and …