evidence for changes in persistence and in volatility of price across three well defined periods. We argue that historically …, the real price of oil has tended to be highly persistent and volatile whenever rapid industrialization in a major world … account for the increased volatility of oil price we observe in these periods …

Did adoption of the gold standard exacerbate or diminish macroeconomic volatility? Supporters thought so, critics … shocks if it ties the hands of policy makers. But any decision to forsake exchange-rate flexibility might compromise shock … absorption in a world of real shocks and nominal stickiness. A simple model shows how a lack of flexibility can be discerned in …

the world economy. We analyze the impact of the advent of fracking on the volatility of oil prices. Our model predicts a … large decline in this volatility …

, including the average equity premium and the volatility of equity returns. We construct a model with RE (temporary and permanent … parts) and LRR (including stochastic volatility) and estimate this model with long-term data on aggregate consumption for 42 … economies. RE typically associates with major historical episodes, such as the world wars and the Great Depression and analogous …

data on stock market levels and volatility as proxies for the first and second moments of business conditions. We then use …

relative risk aversion. High stock-price volatility can be explained by incorporating time-varying long-run growth rates and …

uncertainty. The results dictate the role of uncertainty and volatility in structural models and we show they are consistent with …

We develop a novel measure of volatility pass-through to assess international propagation of output volatility shocks … to macroeconomic aggregates, equity prices, and currencies. An increase in country's output volatility is associated with … output volatility increases consumption volatility by 0.5%) and it increases to 70% for shocks originating in smaller …

idiosyncratic stock market volatility, on individual outcomes. We find that firms provide at best partial insurance to their workers … greater financial fragility among lower-income earners. We also construct a new county-level uncertainty shock and find that …

Shocks to equity options' ATM implied volatility (ATMIV) are followed by persistently lower short-term rates. Shocks to …