Abstract
The distribution of shocks to GDP growth rates is found to be exponential rather than normal. Their standard deviation scales with GDPβ where β=-0.15±0.03. These macroeconomic results place restrictions on the microeconomic structure of interactions between agents.
Original language | English (US) |
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Pages (from-to) | 335-341 |
Number of pages | 7 |
Journal | Economics Letters |
Volume | 60 |
Issue number | 3 |
DOIs | |
State | Published - Sep 1 1998 |
Keywords
- 040
- Country Size
- E30
- Network Models
- Real Business Cycles
- Scale Effects
- Volatility
ASJC Scopus subject areas
- Finance
- Economics and Econometrics