markets and experience greater stock return volatility. When these lenders expand to high-growth markets, they also ration …

This paper revisits the issue of conditional volatility in real GDP growth rates for Canada, Japan, the United Kingdom …, and the United States. Previous studies find high persistence in the volatility. This paper shows that this finding … conditional heteroskedasticity (GARCH) specifications modeling output growth and its volatility with and without the break in …