SCALING THE VOLATILITY OF GDP GROWTH-RATES

Authors
CANNING D AMARAL LAN LEE Y MEYER M STANLEY HE
Citation
D. Canning et al., SCALING THE VOLATILITY OF GDP GROWTH-RATES, Economics letters, 60(3), 1998, pp. 335-341
Citations number
16
Categorie Soggetti
Economics
Journal title
Economics letters → ACNP
ISSN journal
01651765
Volume
60
Issue
3
Year of publication
1998
Pages
335 - 341
Database
ISI
SICI code
0165-1765(1998)60:3<335:STVOGG>2.0.ZU;2-Y
Abstract
The distribution of shocks to GDP growth rates is found to be exponent ial rather than normal. Their standard deviation scales with GDP(beta) where beta = -0.15 +/- 0.03. These macroeconomic results place restri ctions on the microeconomic structure of interactions between agents. (C) 1998 Elsevier Science S.A.