1. Notes: 1 'Absolute Volatility' is measured as the standard deviation of inflation. 2 'Relative Volatility' is measured as the ratio of the standard deviation of inflation and real GDP. 3 'Cyclicality' is measured as the contemporaneous correlation between of inflation and real GDP. 4 'Lead (lag)' is measured as the correlation between the leads (lags) in HP-filtered inflation and real GDP;All data are at the quarterly frequency, de-seasonalized and de-trended. De-trending methods include the Hodrick-Prescott filter (HP)
2. Notes: 1 'Absolute Volatility' is measured as the standard deviation of M1 velocity. 2 'Relative Volatility' is measured as the ratio of the standard deviation of M1 velocity and real GDP. 3 'Cyclicality' is measured as the contemporaneous correlation between of M1 velocity and real GDP. 4 'Lead (lag)' is measured as the correlation between the leads (lags) in HP-filtered M1 velocity and real GDP;All data are at the quarterly frequency, de-seasonalized and de-trended. De-trending methods include the Hodrick-Prescott filter (HP)