, recently there have been misgivings regarding its fickleness and volatility. This paper is among the first in the trade … this finding. We then develop a stochastic model of outsourcing with heterogeneous firms that can explain this volatility …, recently there have been misgivings regarding its fickleness and volatility. This paper is among the first in the trade …

, modern economists argue that volatility reduces growth in the poor periphery. This paper assess these de …-industrialization and volatility forces between 1782 and 1913 during the Great Divergence. First, it argues that the new economic order had …-reducing terms of trade volatility was the other. Between 1820 and 1870, terms of trade volatility was much greater in the poor …

-varying uncertainty (i.e., volatility) about future economic prospects drive asset prices. These two channels of economic risks can …

"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 …