to exogenous shocks than goods markets. A high volatility of capital flows, in turn, may reduce investment and exports … rather than lowering financial market volatility. The empirical evidence from Chile and Slovenia shows that URRs are no … no evidence that the volatility of capital flows has declined. Exchange rate volatility seems to have come down, albeit …

Moderationʺ can be found in firm level data as well remains disputed. We study the evolution of firm level output volatility using … trends in unconditional firm level and aggregated output volatility in Germany are similar. There has been a long …-run downward trend, which was interrupted by the unification period. Second, the conditional, idiosyncratic firm level volatility …