identified in a quasi-experimental design. This is accomplished through a generalization of propensity score estimation …

-defined local labour markets. This allows pursuing instrumental variable as well as matching estimation strategies. A specific …

The paper investigates whether the financial crisis did affect risk perceptions, and, hence, change structural … parameters. By decomposing credit spreads of US corporate bonds into the contributions by credit, equity, and liquidity risk … factors as well as structural change, the relative contribution of the change in risk perceptions can be measured. We show …

, the Consumption-CAPM is still rejected in both U.S. and international data. Second, the recorded world disasters are too … arise. Fourth, the rare events hypothesis, by reducing the cross-sectional dispersion of consumption risk, worsens the … ability of the Consumption-CAPM to explain the cross-section of returns. …

This paper considers the evidence for volatility clustering and transmission in six bilateral Deutsche mark ERM … given by the two distributions, each observation is classified to one or other category. The phenomenon of volatility … clustering in a given bilateral exchange rate series is then studied by means of a non-parametric test, while volatility …

Cross-country evidence is presented on resource dependence and the link between volatility and growth. First, growth … depends negatively on volatility of unanticipated output growth independent of initial income per capita, the average … growth. Second, the adverse effect of resources on growth operates primarily through higher volatility. The positive effect …

What is the relationship between economic growth and its volatility? Does political instability affect growth directly … or indirectly, through volatility? This paper tries to answer such questions using a power-ARCH framework with annual … legislative changes) has an indirect (through volatility) negative impact. We also find preliminary support for the idea that …

.g., cabinet changes) has an indirect (through volatility) impact on growth; (iii) the effect of financial development is positive … and, surprisingly, not via volatility; (iv) the informal instability effects are much larger in the short- than in the …