"Many policymakers are concerned about dependence on resource exports. Martin examines four changes that reduce this dependence: (1) accumulation of capital and skills; (2) changes in protection policy, particularly reductions in the burden of protection on exporters;(3) differential rates of...

There is no consensus about the causes of the reduction in business cycle volatility seen in many major economies over the last decade. Using stylised models of the economies of the US, Euro area, UK and Japan, we argue that economic stability has been fostered by improved monetary policy and by...