This paper offers empirical evidence that real exchange rate volatility can have a significant impact on long-term rate … with relatively low levels of financial development, exchange rate volatility generally reduces growth, whereas for … rate volatility, and outliers. We also offer a simple monetary growth model in which real exchange rate uncertainty …

United States relative to Japan. High productivity growth in the traded sector of the Japanese economy results in a … continuous fall in the prices of traded goods relative to nontraded goods in Japan. In order to keep U.S. traded goods …

volatility. These characteristics are more likely to be causes than effects of financial integration. The measurable gains from … countries display attempts at stabilization punctuated by high volatility in periods of market stress …

volatility of economic fluctuations. In a sample of 92 countries as well as a sample of OECD countries, we find that countries … with higher volatility have lower growth. The addition of standard control variables strengthens the negative relationship …. We also find that government spending-induced volatility is negatively associated with growth even after controlling for …

variability. We show that financial liberalization is mostly associated with lower consumption growth volatility. Our results are … volatility after equity market openings. The results hold for both total and idiosyncratic consumption growth volatility. We also … find that financial liberalizations are associated with declines in the ratio of consumption growth volatility to GDP …