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 …

, two main issues are investigated: the impact on international trade of exchange rate volatility and of currency … misalignments. On average, exchange rate volatility has a negative (even if not large) impact on trade flows. The extent of this …

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

micro-based banking production, enables a contrasting characterization of the two great volatility cycles over the … historical period of 1919-2004, and enables this puzzle to be addressed more easily. The volatility divergence is explained by … the upswing in the credit volatility that kept money supply variability from translating into inflation and GDP volatility. …

combining data from multiple surveys, we create an integrated measure of volatility in available household resources, accounting …

Market analysts and central banks often use the implied volatility of FX options as an indicator of expected exchange … deviate the value of implied volatility from the exchange rate variability expected by the market. These biasing factors are … one month. However, implied volatility provides a biased estimate, and does not encompass the information included in …