that the economy's input-output structure can fundamentally reshape the distribution of aggregate output, increasing the … distribution of the idiosyncratic shocks, different features of the economy's input-output network may be of first-order importance …

We document that even though the normal distribution is a good approximation to the nature of aggregate fluctuations … the distribution of aggregate output, increasing the likelihood of large downturns (macroeconomic tail risks) from …

substantially shift towards Asia and especially towards the Asian Giants, China and India. While such forecasts may pan out, there … are substantial reasons that China and India may grow much less rapidly than is currently anticipated. Most importantly … discontinuities account for a large fraction of the variation in growth rates. We suggest that salient characteristics of China …

. This evidence suggests that intangible capital formation may play an important role in China's reform-driven transformation … no general assessment of its role in China's rapid economic growth. This paper seeks to fill this gap by estimating how … China's recent growth is then assessed using a growth accounting framework, and the results compared to similar findings for …