are found. Over time, the underlying payoffs randomly change, i.e. display some “volatility”, which leads agents to react …-run invariant behavior and obtain the following conclusions: (a) Only if payoff volatility is not too high can the society sustain a … dense social network. (b) The social architecture endogenously responds to increased volatility by becoming more cohesive …

In this paper, we investigate the spillover of the financial-market volatility arising from the East-asian crisis on … increased volatility should be kept in perspective: US-market and own-market developments generally had much greater influence … on prices and volatility than the shocks originating in the Asian crisis economies. Importantly, the financial …

The decline in output volatility in a number of countries over the past few decades has been well-documented, though … volatility. We suggest that reforms in product and labour markets can reduce volatility of aggregate output by encouraging … output volatility. Our estimates are reasonably robust to a number of alternative specifications, including those that …

We argue that a transaction tax is likely to amplify, not dampen, volatility in the foreign exchange mar-kets. Our … trades disproportionately, leading to increased volatil-ity. Empirical support for this prediction is found by investigating … the effect of transaction costs on the volatility of DEM/USD and JPY/USD returns. High-frequency data are used and an …

appraisal of development projects and other major investment programmes in Namibia. Paper III analyses returns and volatility on … main parts: (i) unit root tests, (ii) cointegration analysis, and (iii) volatility modelling. The results show that the two … volatility analysis shows evidence of no spillover effects. These results suggest that the NSX could be an attractive risk …

We examine the relationship between the short-term volatility of the <em>effective</em> Real Exchange Rate (RER) and … in effective RER volatility when moving to more flexible exchange-rate regimes. Surprisingly, there are even some … countries for which volatility is lower under more flexible exchange-rate regimes. In part our findings reflect the fact that …