Yes, calderas can very easily have explosive eruptions, and Yellowstone has the type of magma that can do it (high gas content). The caldera down to our south (Mammoth Mountain - Long Valley Caldera), is more likely to make lava flows but can still erupt violently (like it did the last time it went off). We have also found out that little quakes do not necessarily release stress on fault lines, but sometimes actually builds stress on the faults next to them. Activity on one fault can also trigger another fault to pop (saw that one happen at Yucca Mountain a few years ago).
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