, and slowly increases at later stages of development. Third, the volatility of country-specific macroeconomic shocks falls … with the level of development. We argue that many theories linking volatility and development are not consistent with these … volatility into these four sources, quantify their contribution to aggregate volatility, and study how they relate to the stage …

, and slowly increases at later stages of development. Third, the volatility of country- specific macroeconomic shocks falls … with the level of development. We argue that many theories linking volatility and development are not consistent with these … volatility into these four sources, quantify their contribution to aggregate volatility, and study how they relate to the stage …