is associated with lower volatility of financial asset prices and higher real output volatility, and second, monetary …This paper examines how monetary volatility is transmitted to the volatility of financial asset prices, inflation and … real output in an open economy. A Markowitz efficient portfolio is constructed to eliminate diversifiable financial risk …

“output puzzle” of the Unites States in the 1980s. Furthermore, we show that government investment influences the M2 growth … possible solution to the “output puzzle” of China …