policy shock. In contrast, our Monte Carlo VAR results replicate our evidence obtained with actual U.S. data. Hence, modest …

policy shocks (money supply-interest rate induced) on economic growth in Ghana. We realized that, a shock on interest rate … paradoxical effect of a negative interest rate on total money supply. We also showed that a positive output shock has the same … effect on consumption, investment, prices and wages as in the case of interest rate shock …

the associations of growth level, growth volatility, shocks, institutions, and macroeconomic fundamentals have changed in …, including global growth, global oil prices, and global financial volatility. After accounting for the effects global shocks, we … rate flexibility, education attainment, and lack of political polarization reduce the volatility of economic growth …

volatility. Expanding the sample to 121 developing countries confirms this result, although this role of shock-absorber fades …-whether financial intermediation is performed through banks or markets-for macroeconomic volatility, against the backdrop of increased … sector development acts as a shock-absorber in poor countries, dampening the transmission of terms of trade shocks to growth …

We study a long-run risk model with a stochastic consumption growth rate, a stochastic volatility, a stochastic jump …-varying uncertainty, time-variation in the jump intensity is much more important than time-variation in diffusive volatility risk. Third …, the empirically observed low correlation between changes in the level and changes in the slope of the implied volatility …

data on stock market levels and volatility as proxies for the first and second moments of business conditions. We then use …

-stationary productivity shock process. Third, the observed data favor the quadratic benchmark RBC and financial frictions models over the …

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 …

evidence for changes in persistence and in volatility of price across three well defined periods. We argue that historically … account for the increased volatility of oil price we observe in these periods …