Stylized facts suggest that output volatility in OECD countries has declined in recent years. However, the causes and … structural breaks in the dynamics and the volatility of the real output process in Germany can be detected. We report evidence … that output volatility has declined in Germany. Yet, this decline in output volatility is not as clear-cut as it is in the …

We argue that positive comovements between land prices and business investment are a driving force behind the broad … joint dynamics of land prices and business investment. …

The paper studies the interaction between cyclical uncertainty and investment in a stochastic real option framework … where demand shifts stochastically between three different states, each with different rates of drift and volatility. In our … of the link between cyclical uncertainty and investment is quantified using simulations of the model. The chief …

We review evidence on the Great Moderation together with evidence about volatility trends at the micro level to develop … a potential explanation for the decline in aggregate volatility since the 1980s and its consequences. The key elements … are declines in firm-level volatility and aggregate volatility-most dramatically in the durable goods sector-but with no …

velocity volatility at both business cycle and long run frequencies. With filtered velocity turning negative, starting during …

This paper presents insights on U.S. business cycle volatility since 1867 de- rived from diffusion indices. We employ a … volatility across World War I, which is reversed after World War II. While we can generate evidence of postwar moderation …