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 …

volatility of aggregate shocks impinging on the domestic economy. The implications of this approach are analyzed in a model with … revenue lost in adverse states of nature. Higher volatility of producers' productivity shocks increases both financial spreads … volatility are non-linear. Higher volatility does not impose any welfare cost for countries characterized by relatively low …

). For two of the four countries we study, Germany and Japan, our structural estimates imply that monetary shocks, to money …

Did adoption of the gold standard exacerbate or diminish macroeconomic volatility? Supporters thought so, critics … thought not, and theory offers ambiguous messages. A hard exchange-rate regime such as the gold standard might limit monetary … the transmission of terms of trade shocks. Evidence on the relationship between real exchange rate volatility and terms of …

The large asset price jumps that took place during 2008 and 2009 disrupted volatility derivatives markets and caused …

uncertainty. The results dictate the role of uncertainty and volatility in structural models and we show they are consistent with …

data are consistent with the view that employment in European industries, at least France and Germany, is much less …