Does the structure of banking markets affect macroeconomic volatility and, if yes, is this link different in low … markets affects macroeconomic volatility. Our research has three main findings. First, we study the relevance of granular … effects: if the degree of market concentration in the banking sector is sufficiently high, idiosyncratic volatility at the …

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 …

effect of macroeconomic volatility, the openness of the banking system, and banking regulations on bank risks. Our measure of … bank risk is the volatility of banks’ pretax profits. We find that macroeconomic volatility increases banks’ profit … volatility and that international openness of the banking system lowers bank risk. We find no impact of banking regulation on …