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 …

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

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

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 …

relative national wages declines, the elasticity of domestic labor demand increases, and the extent of pass-through' of trade … tax changes to home wages increases. Since the volume of trade is increasing in familiarity, trade liberalization has a … greater impact on wages when the initial volume of trade is greater, all else equal. As familiarity becomes complete, the …

is not monotonic with respect to investors' risk aversion and the aggregate volatility of output growth. Our main result …

. Our theory highlights that statically, market integration improves allocative efficiency by gains from trade, and …