aggregate volatility decays is determined by the structure of the network capturing such linkages. Our main results provide a …, but also indirectly to the rest of the economy. Our results highlight that sizable aggregate volatility is obtained from …

volatility is not necessarily a sufficient statistic for the likelihood of large downturns. Rather, depending on the shape of the …

, aggregate volatility is not necessarily a sufficient statistic for the likelihood of large downturns. Rather, depending on the …