-open-economy real-business-cycle model driven by nonstationary productivity shocks. We find that the RBC model does a poor job at … business cycles in emerging markets and, importantly, assigns a negligible role to nonstationary productivity shocks …

How does access to credit impact consumption volatility? Theory and evidence from advanced economies suggests that … volatile than income, indicates that financial reform further increases the volatility of consumption relative to output. We … consumption volatility. Calibration of the model for pre and post financial reform in India provides support for the model's key …

than 40 percent of the volatility of aggregate sales. Although quite large, this contribution is smaller than documented in …

volatility in 31 emerging markets. We find a negative relationship between LFO and volatility, even after controlling for …

This paper studies volatility spillovers in credit default swaps (CDS) between the corporate sectors and Latin American …