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Empirical Evidence on Growth and Volatility

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  • Michael Stastny
  • Martin Zagler

Abstract

This paper empirically investigates the relationship between long-run economic growth and output volatility. There is an emerging theoretical literature on the topic which is inconclusive on the size and direction of the relationship. We analyze this relationship empirically for the time series experience of 21 OECD countries between the years 1961 and 2005. After applying a pooled OLS estimator and a series of robustness checks we conclude that there is strong empirical evidence for a positive relationship between output variability and economic growth.

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File URL: http://cadmus.eui.eu/dspace/bitstream/1814/7085/1/RSCAS_2007_22.pdf
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Bibliographic Info

Paper provided by European University Institute in its series RSCAS Working Papers with number 2007/22.

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Date of creation: 28 Sep 2007
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Handle: RePEc:rsc:rsceui:2007/22

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Related research

Keywords: Growth; Volatility; Cycles; Innovation;

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Cited by:
  1. Martin Falk & Franz Sinabell, 2009. "A spatial econometric analysis of the regional growth and volatility in Europe," Empirica, Springer, Springer, vol. 36(2), pages 193-207, May.
  2. Christoph Priesmeier & Nikolai Stähler, 2011. "Long Dark Shadows Or Innovative Spirits? The Effects Of (Smoothing) Business Cycles On Economic Growth: A Survey Of The Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 25(5), pages 898-912, December.
  3. Syed tehseen, jawaid & Abdul, waheed, 2011. "Effects of Terms of Trade and its Volatility on Economic Growth: A Cross Country Empirical Investigation," MPRA Paper 32694, University Library of Munich, Germany.

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