On the Link Between the Volatility and Skewness of Growth
---- Acknowledgements -----
We thank George-Marios Angeletos, Markus Brunnermeier, Simon Gilchrist, Francois Gourio, Kalin Nikolov, and Philippe Weil, as well as seminar participants at the ECB, for useful discussions. The views expressed do not necessarily reflect those of the European Central Bank or the Eurosystem. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.