This paper sets forth a framework for thinking about growth volatility which is general enough to incorporate the important structural, institutional, and policy variations among countries which might account for differences in their macroeconomic performance. The paper focuses particularly on the role of the financial sector. The paper discusses the importance of short run dynamic effects in determining long run outcomes, and the role of the financial...
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详细
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2000/01/01
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工作文件
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28159
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1
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1
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2010/07/01
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Explaining growth volatility
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board of governors of the federal reserve system