This paper examines the impact of international financial integration on macroeconomic volatility. Economic theory does … not provide a clear guide to the effects of financial integration on volatility, implying that this is essentially an … empirical question. We provide a comprehensive examination of changes in macroeconomic volatility in a large group of industrial …

different estimation procedures. We consider three general factor model specifications used in applied work. The first is a … single- factor model, the second a two-level factor model, and the third a three-level factor model. Our estimation …

different estimation procedures. We consider three general factor model specifications used in applied work. The first is a … single-factor model, the second a two-level factor model, and the third a three-level factor model. Our estimation procedures …

This paper analyzes the evolution of volatility and cross-country comovement in output, consumption, and investment … fluctuations using two distinct datasets. The results suggest that there has been a significant decline in the volatility of … in macroeconomic volatility as well as declines in the degree of comovement of output and consumption growth with their …

This paper examines the impact of international financial integration on macroeconomic volatility in a large group of … industrial and developing economies over the period 1960-99. We report two major results: First, while the volatility of output … volatility of consumption growth relative to that of income growth has increased for more financially integrated developing …

This paper examines the impact of international financial integration on macroeconomic volatility in a large group of … industrial and developing economies over the period 1960-99. We report two major results: First, while the volatility of output … volatility of consumption growth relative to that of income growth has increased for more financially integrated developing …