shedding. We also find that after factor market deregulation in Colombia in 1991, factor adjustment hazards increased on the … would yield a substantial increase in aggregate productivity through improved allocative efficiency. Yet, the actual impact … of the Colombian deregulation on aggregate productivity through factor adjustment was modest …

This paper analyzes the timing, pace and efficiency of the on- going job reallocation that results from product and …. Government incentives to production may alleviate high unemployment in this economy, but at the cost of exacerbating sclerosis … policies can restore economic efficiency …

This paper shows how changes in the volatility of the real interest rate at which small open emerging economies borrow … motivate our investigation, we document the strong evidence of time-varying volatility in the real interest rates faced by a … sample of four emerging small open economies: Argentina, Ecuador, Venezuela, and Brazil. We postulate a stochastic volatility …

to have dealt with the volatility better. Why? This paper explores Australian terms of trade volatility since 1901. It … commodity exporters experiencing volatile prices? …

Did adoption of the gold standard exacerbate or diminish macroeconomic volatility? Supporters thought so, critics … the transmission of terms of trade shocks. Evidence on the relationship between real exchange rate volatility and terms of … trade volatility from the late nineteenth and early twentieth century exposes a dramatic change. The classical gold standard …

of oil prices. Our model predicts a large decline in this volatility … market in a general-equilibrium model of the world economy. We analyze the impact of the advent of fracking on the volatility …

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 …