the high empirical volatility of the real exchange rate and the disconnect between relative consumption growth and the …This paper analyzes the effects of output volatility shocks and of risk appetite shocks on the dynamics of consumption … in a country's output volatility triggers a wealth transfer to that country, in equilibrium; this raises its consumption …

systematic relation between fast growth and preference for delayed consumption. The third part applies the methodology to the …

the high empirical volatility of the real exchange rate and the disconnect between relative consumption growth and the …This paper analyzes the effects of output volatility shocks and of risk appetite shocks on the dynamics of consumption … in a country's output volatility triggers a wealth transfer to that country, in equilibrium; this raises its consumption …

variability, measured both as the volatility and the left skewness of the growth process. These effects are stronger in industries …We analyze output growth and risk as the joint outcomes of financial liberalization. Using an industry panel of 55 … countries over 45 years, we find that financial liberalization results simultaneously in higher growth and in higher growth …

consumption. We attribute this change to the higher GDP growth generated by the adoption of the euro, which has been accompanied … by a greater output volatility. We also report differential effects for core and periphery countries, showing that the …

during periods of high business cycle volatility. Four main findings are reported. First, in theory, the cyclical behavior of … episodes of sharp business cycle volatility, such as those associated with sudden stops and financial crises. Finally …