currency. In contrast to the literature that employs data on the volume of trade, an important novelty of this paper is the use …

This paper documents the diverging trends in volatility of the growth rate of sales at the aggregate and firm level. We … establish that the upward trend in micro volatility is not simply driven by a compositional bias in the sample studied. We argue … that this new fact sheds some shadows on the proposed explanations for the decline in aggregate volatility and that, given …

rural incomes in China. Current literature based on analyses of rural income volatility in China decomposes poverty into … increase from around 1.8 in the late 1980's to over 3 today. These estimates do not take into account the higher volatility of … poverty gap attributable to mean income over time being below the poverty line. Resulting estimates of 40-50 % transient …

for the modern technology to be used. The possibility of a poverty trap induced by high aid volatility is first examined …This paper studies the impact of aid volatility in a two-period model where production may occur with either a … form of a first-period contingency fund) financed through taxation. An increase in aid volatility is shown to raise the …

even after we control for several possible channels of integration, such as bilateral trade, direct investment positions …

on sixteen national stock markets, we estimate a multivariate factor model in which the volatility of returns is induced … by changing volatility in the orthogonal factors. Excess returns are assumed to depend both on innovations in observable …

firms may be an important channel for transmitting economic shocks. This evidence also sheds light on asset pricing puzzles …