) idiosyncratic R&D innovations and (ii) general innovations that can be freely adopted by many firms. Firm-level volatility is … increase in firm-level volatility, and a decline in aggregate volatility. The effect on productivity growth is ambiguous. On … volatility is positively associated with R&D spending, and that R&D is negatively associated with the correlation of growth …

-2001, the corresponding standard deviation was 1.6%. This paper investigates this large drop in the cyclical volatility OF real … volatility using a large number of U.S. economic time series and a variety of methods designed to describe time-varying time … explanations for this 'great moderation.' Taken together, we estimate that the moderation in volatility is attributable to a …

for time-varying volatility. We then feed these processes into an otherwise standard New Keynesian business cycle model … calibrated to the U.S. economy. We find that fiscal volatility shocks have an adverse effect on economic activity that is …

A widely held view is that openness to international trade leads to higher GDP volatility, as trade increases … important, openness to international trade can lower GDP volatility by reducing exposure to domestic shocks and allowing … question of whether and how international trade affects economic volatility …

, volatility has been historically higher and this has not changed in the last ten years. We also find that the aggregate euro area …

realignment of world growth rates -- with Japan and Europe growing faster, and the U.S. growing more slowly -- is likely to solve … resolution of global imbalances. This means that, even if there is a realignment of global growth, the world is likely to need …