the Great Moderation. While the volatility of financial price variables also follows such pattern, financial quantity … variables have experienced a continuous immoderation. We examine these patterns in volatility by estimating a DSGE model with …

market volatility. While rating agencies are part and parcel of today's financial markets, the study succeeds in tracing some … volatility levels of yield spreads and stock market returns. Third, these findings imply that the sovereign rating industry has … are unlikely to add to the Harberger externality, even though they tend to reduce volatility in both bond and stock …

financial sector. The financial sector can amplify or dampen the volatility of income by increasing or reducing the business … cycle effects of technological shocks. We find a non-monotonic relationship between the volatility of income and financial … however the volatility can rise or fall depending on the degree of financial development. …