A portfolio explanation of the relationship between macroeconomic volatility and economic growth
A number of studies have found a negative relationship between macroeconomic volatility and economic growth. We show this may be explained by a portfolio effect within a finite horizon model, where a safer asset, for example, public debt, is less productive than capital.
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- Neil Rankin & Barbara Roffia, 2003.
"Maximum Sustainable Government Debt in the Overlapping Generations Model,"
University of Manchester, vol. 71(3), pages 217-241, 06.
- Rankin, Neil & Roffia, Barbara, 1999. "Maximum Sustainable Government Debt in the Overlapping Generations Model," CEPR Discussion Papers 2076, C.E.P.R. Discussion Papers.
- Rankin, N. & Roffia, B., 1999. "Maximum Sustainable Government Debt in the Overlapping Generations Model," The Warwick Economics Research Paper Series (TWERPS) 521, University of Warwick, Department of Economics.
- Kneller, Richard & Young, Garry, 2001. "Business Cycle Volatility, Uncertainty and Long-Run Growth," Manchester School, University of Manchester, vol. 69(5), pages 534-52, Special I.
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