misaligned exchange rates, appear to have suffered more macroeconomic volatility and also grown more slowly during the postwar … more 'extractive' instit utions from their colonial past were more likely to experience high volatility a nd economic … policies appear to have only a minor impact on volatility and crises. This suggests that distortionary macroeconomic policies …

the supply network determine both whether aggregate volatility disappears as the number of sectors increases (i …-output relations) and aggregate volatility, and more importantly, the relationship between higher-order interconnections and aggregate … volatility. These higher-order interconnections capture the cascade effects, whereby low productivity or the failure of a set of …

volatility is not necessarily a sufficient statistic for the likelihood of large downturns. Rather, depending on the shape of the …