Sahay, Ratna; Goyal, Rishi - International Monetary Fund (IMF) - 2006
low growth since 1970, examining in particular the role of policy volatility. Macroeconomic outcomes are distinguished … are more volatile in low growth episodes, while shocks (except U.S. interest rates) are similar across episodes. Fiscal … policy volatility is associated with lower growth, but fiscal policy procyclicality is not. Low levels of market …