divergence and lower long-run growth, whereas we find absolute convergence in expansions. The output costs of political and … financial crises are permanent on average, and long-term growth is negatively linked to volatility. These results also imply … that panel data studies can help identify the sources of growth and that economic models should be capable of explaining …

shock. The impact could be larger if China's slowdown and rebalancing coincides with bouts of global financial volatility …After many years of rapid expansion, China's growth is slowing to more sustainable levels and is rebalancing, with … points in response to a decline in China's growth by 1 percentage point depending on the model used and the nature of the …

production and GDP. The peak impact is felt fairly quickly at around 6-12 months after the shock, and becomes statistically …

shock to the variance of aggregate total factor productivity(macro uncertainty) and to the dispersion of entrepreneurs …

The paper investigates asymmetry in the allocation of aggregate demand shocks between real output growth and price … output growth, on average, over time. The analysis highlights the benefits of eliminating structural rigidities responsible …