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Economics Letters 60 (1998) 335341 Scaling the volatility of GDP growth rates
 

Summary: Economics Letters 60 (1998) 335341
Scaling the volatility of GDP growth rates
a ,b , d c c c
*D. Canning , L.A.N. Amaral , Y. Lee , M. Meyer , H.E. Stanley
a
Queen's University of Belfast, Belfast, UK
b
Harvard Institute for International Development, 1 Eliot Street, Cambridge 02138, MA, USA
c
Boston University, Boston, MA, USA
d
Massachusetts Institute of Technology, Boston, MA, USA
Received 4 December 1997; accepted 15 May 1998
Abstract
The distribution of shocks to GDP growth rates is found to be exponential rather than normal. Their standard deviation
b
scales with GDP where b 5 2 0.1560.03. These macroeconomic results place restrictions on the microeconomic structure
of interactions between agents. 1998 Elsevier Science S.A.
Keywords: Real Business Cycles; Country Size; Scale Effects; Volatility; Network Models
JEL classification: E30; 040

  

Source: Amaral, Luis A.N. - Department of Chemical and Biological Engineering, Northwestern University
Stanley, H. Eugene - Department of Physics, Boston University

 

Collections: Biology and Medicine; Computer Technologies and Information Sciences; Materials Science; Physics