volatility depends on the nature of the underlying shock. Empirical evidence supports this conclusion. Our results also show that … the link between business cycle volatility and financial openness has not been stable over time. …

implies that business cycle volatility is higher the more integrated the capital markets of the member countries of the …

volatility comparable to the Great Moderation of the 1980s-2000s. This moderation occurred despite a lack of central banks, low …

:1-2003:4, we find that the volatility of aggregate skilled hours relative to the volatility of GDP has nearly tripled since 1984 … volatility of skilled hours: (i) a reduction in the degree of capital-skill complementarity, (ii) a reduction in the absolute … volatility of GDP (and unskilled hours), and (iii) an increase in the level of capital equipment relative to skilled labor. We …