Es wird untersucht, ob die Volatilität der Aktienmärkte im Zeitablauf zugenommen hat. Im Gegensatz zu oft geäußerten Vermutungen ergibt die Schätzung und die Prüfung von Modellen bedingter Varianzen lediglich sehr schwache Hinweise auf eine gestiegene Variabilität der Kurse. Probit...

This paper discusses whether the integration of international financial markets affects business cycle fluctuations. In the framework of a new open economy macro-model, we show that the link between financial openness and business cycle volatility depends on the nature of the underlying shock....

Stylized facts suggest that output volatility in OECD countries has declined in recent years. However, the causes and the nature of this decline have so far been analyzed mainly for the United States. In this paper, we analyze whether structural breaks in the dynamics and the volatility of the...

This paper discusses whether the integration of international financial markets affects business cycle fluctuations. In the framework of a new open economy macro-model, we show that the link between financial openness and business cycle volatility depends on the nature of the underlying shock....