Panel Data Evidence on the Role of Education in the Growth-Volatility Relationship
The investigation of the growth-volatility link is an important one in empirical macroeconomics. There is no empirical evidence supporting the predictions of recent theoretical models that incorporate and explicitly recognize the role of human capital in this link. Using a panel data, we show empirically how the detrimental effect of output volatility on growth is diluted by education. We provide robustness checks and policy implications of our finding.
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