from greater volatility of shocks or from agents responding more to shocks of constant size. Without data separately … relationship arises naturally in models with time-varying responsiveness but is at odds with models featuring volatility shocks …

What are the implications of gasoline price volatility for the design of fuel economy policies? I show that this …

an increase in the level and volatility of spot prices. We construct a large panel data set which includes commodities …

shocks using methods from the news shocks literature, the analysis finds that innovations in realized stock market volatility … economy. Moreover, investors have historically paid large premia to hedge shocks to realized but not implied volatility. A … model in which fundamental shocks are skewed left can match those facts. Aggregate volatility matters, but it is the …

volatility data from options of 30 days to 10 years duration. We ask what may be driving uncertainty over these different time … horizons, finding that oil price volatility is particularly important for short-run uncertainty, policy uncertainty is … particularly important for long-run uncertainty, while currency volatility and CEO turnover appear to equally impact short- and …

level of the fundamentals. Though volatility shocks could be important too, their propagating mechanism is still not well … can separate the level factors from the volatility factors and assess their relative importance without directly … estimating the volatility processes. This is made possible by exploiting features in the second order approximation of …

Stock return volatility during the Great Depression has been labeled a “volatility puzzle” because the standard …, and Jones; 1990). We investigate the “volatility puzzle” using a new series of building permits, a forward-looking measure … of economic activity. Our results suggest that the volatility of building permit growth largely explains the high level …

the associations of growth level, growth volatility, shocks, institutions, and macroeconomic fundamentals have changed in … growth, global oil prices, and global financial volatility. After accounting for the effects global shocks, we find that … attainment, and lack of political polarization reduce the volatility of economic growth. Countries cope with shocks better in the …