used for both consumption and production. In our framework, higher volatility in oil prices works through two main channels … in our model. We show that the fall in investment following a rise in the volatility of real oil prices in the case of … between shocks to the level and volatility of oil prices is quantitatively important: initial responses of investment, output …

balances to GDP volatility can be due to the different degree of shock persistence in developed and developing countries. …This paper empirically investigates the impact of GDP volatility on current account balances for a large sample of … include GDP volatility computed from the annual growth rate of GDP. It turns out that for low income countries the impact of …

reduce exchange rate volatility and to smooth interest rates. Steep depreciations combined with volatility did not help …