: (i) monetary volatility negatively affects long-run growth; (ii) the relation between nominal volatility and growth … increases the negative effect of nominal volatility on mean growth. …

There is no consensus about the causes of the reduction in business cycle volatility seen in many major economies over … itself led to a reduction in the volatility of economic shocks. Our projections suggest that a number of major economies …

policy shock. In contrast, our Monte Carlo VAR results replicate our evidence obtained with actual U.S. data. Hence, modest …