choices matter for output volatility and the medium-term level of inflation. Greater monetary independence is associated with … lower output volatility while greater exchange rate stability implies greater output volatility, which can be mitigated if a … inflation rate. We find that trilemma policy configurations and external finances affect output volatility through the …

This paper shows how changes in the volatility of the real interest rate at which small open emerging economies borrow … motivate our investigation, we document the strong evidence of time-varying volatility in the real interest rates faced by a … sample of four emerging small open economies: Argentina, Ecuador, Venezuela, and Brazil. We postulate a stochastic volatility …

choices tend to experience smaller output volatility in the last two decades. Emerging markets with relatively low … international reserves/GDP could experience higher levels of output volatility when they choose a policy combination with a greater … degree of policy divergence. Yet this heightened output volatility effect does not apply to economies with relatively high …

time-series volatility of productivity are also characterized by greater cross-sectional dispersion in productivity …. Volatility in TFP explains one quarter to one third of cross-country productivity dispersion. We document a similar relationship … between productivity volatility and the dispersion of the marginal revenue product of capital (static capital misallocation …

volatility, and discusses steps to facilitate the creation of these markets …

has focused on average returns, we analyze the volatility of the returns in emerging equity markets. We characterize the … time-series of volatility in emerging markets and explore the distributional foundations of the variance process. Of … particular interest is evidence of asymmetries in volatility and the evolution of the variance process after periods of capital …