individuals and households. -- Great Moderation ; inventories ; monetary policy ; volatility …We review evidence on the Great Moderation together with evidence about volatility trends at the micro level to develop … a potential explanation for the decline in aggregate volatility since the 1980s and its consequences. The key elements …

We review evidence on the Great Moderation together with evidence about volatility trends at the micro level to develop … a potential explanation for the decline in aggregate volatility since the 1980s and its consequences. The key elements … are declines in firm-level volatility and aggregate volatility - most dramatically in the durable goods sector - but with …

"We review evidence on the Great Moderation in conjunction with evidence about volatility trends at the micro level. We … combine the two types of evidence to develop a tentative story for important components of the aggregate volatility decline … and its consequences. The key ingredients are declines in firm-level volatility and aggregate volatility -- most …

We review evidence on the Great Moderation in conjunction with evidence about volatility trends at the micro level. We … combine the two types of evidence to develop a tentative story for important components of the aggregate volatility decline … and its consequences. The key ingredients are declines in firm-level volatility and aggregate volatility -- most …

We review evidence on the Great Moderation in conjunction with evidence about volatility trends at the micro level. We … combine the two types of evidence to develop a tentative story for important components of the aggregate volatility decline … and its consequences. The key ingredients are declines in firm-level volatility and aggregate volatility -- most …

paper aims at explaining the high volatility of long-term interest rates observed in the data, which is hard to replicate … volatility puzzle. Second, the paper aims at shedding new light on the distinction between rules and discretion in monetary …

paper aims at explaining the high volatility of long-term interest rates observed in the data, which is hard to replicate … volatility puzzle. Second, the paper aims at shedding new light on the distinction between rules and discretion in monetary …

At the zero lower bound, the central bank's inability to offset shocks endogenously generates volatility. In this …-contingent optimal monetary and fiscal policies can attenuate this endogenous volatility by stabilizing the distribution of future … outcomes. Fluctuations in uncertainty and the zero lower bound help our model match the unconditional and stochastic volatility …

At the zero lower bound, the central bank's inability to offset shocks endogenously generates volatility. In this …-contingent optimal monetary and fiscal policies can attenuate this endogenous volatility by stabilizing the distribution of future … outcomes. Fluctuations in uncertainty and the zero lower bound help our model match the unconditional and stochastic volatility …