of high volatility compared to periods of low volatility, using a regime-switching vector autoregression. Exogenous … is weaker in high volatility periods. To rationalize our robust empirical results, we use a macroeconomic model in which … volatility of aggregate shocks. In low volatility periods, financial intermediaries lever up, which makes their balance sheets …

of high volatility compared to periods of low volatility, using a regime-switching vector autoregression. The lower … that is weaker in high volatility periods. To rationalize our robust empirical results, we use a macroeconomic model in … volatility of aggregate shocks. In low volatility periods, banks lever up, which makes their balance sheets more sensitive to …

financial volatility. Uncertainty shocks hitting in recessions are found to trigger a more abrupt drop and a faster recovery in …

Why did the volatility of U.S. real GDP decline by more than the volatility of final sales with the Great Moderation in … production smoothing. Instead, smaller transitory inventory shocks are responsible for the excess volatility reduction in output …

nancial volatility. Uncertainty shocks hitting in recessions are found to trigger a more abrupt drop and a faster recovery in …

financial volatility. Uncertainty shocks hitting in recessions are found to trigger a more abrupt drop and a faster recovery in …

financial volatility. Uncertainty shocks hitting in recessions are found to trigger a more abrupt drop and a faster recovery in …