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 …

diversification. Production makes use of different input varieties, which are subject to imperfectly correlated shocks. Technological … the number of varieties in our model provides diversification benefits against variety-specific shocks and it can hence … lower the volatility of output growth. Technological complexity evolves endogenously in response to profit incentives. The …

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 …

This paper addresses the questions of the effects of diversification strategies on firms' profitability. Empirical … analyses do not seem to confirm the hypothesis that diversification is the optimal response to the presence of synergies and …

, it is only relatively recently that rural poverty decline has become strongly linked to diversification of the village …

benefit of greater diversification in terms of higher monitoring dominates the costs of free-riding and duplication of efforts …

hazard between entrepreneurs and investors. Diversification could mitigate the moral hazard problem. However for a single … paper we show that delegation can be the only way to exploit the gains from diversification when overload costs of … diversification are high; delegation thus is the key ingredient to be able to diversify. …