volatility of state output growth, rather than in its average. The realized industry shares of output also converge faster to …. On the basis of observed growth in sectoral value added output, we calculate for each state the efficient frontier for … financial development has important consequences for the efficiency and specialization (or diversification) of investments, in a …

volatility of state output growth, rather than in its average. The realized industry shares of output also converge faster to …. On the basis of observed growth in sectoral value added output, we calculate for each state the efficient frontier for … financial development has important consequences for the efficiency and specialization (or diversification) of investments, in a …

primarily from convergence in the volatility of state output growth, rather than in its average. The realized industry shares of …. On the basis of observed growth in sectoral value-added output, we calculate for each state the efficient frontier for … that financial development has important consequences for efficiency and specialization (or diversification) of investments …

investment funds traces out a meanvariance tradeoff for the growth rate of the economy. In particular, the volatility of these … the context of two partial equilibrium endogenous growth models. In our first model, the scale of fickle outside … regulation of outside investment may increase growth. Our second model involves increasing returns and multiple equilibria. In …

investment funds traces out a mean-variance tradeoff for the growth rate of the economy. In particular, the volatility of these … the context of two partial equilibrium endogenous growth models. In our first model, the scale of fickle outside … regulation of outside investment may increase growth. Our second model involves increasing returns and multiple equilibria. In …

This paper analyzes, from a theoretical perspective, the role of the financial system to promote growth and … sectoral) diversification. In the model, the productive sector carries out R&D activities and finances its activities through … the financial system. While vertical innovation fosters economic growth, horizontal innovation creates new industrial …

This paper analyzes, from a theoretical perspective, the role of the financial system to promote growth and … sectoral) diversification. In the model, the productive sector carries out R&D activities and finances its activities through … the financial system. While vertical innovation fosters economic growth, horizontal innovation creates new industrial …

This paper argues that studying the effect of financial development and shocks on aggregate growth volatility will not … be informative because they affect growth volatility through its different components. Volatility declines either a … terms of volatility of shocks experienced, the GDP growth spectrum of one economy will lie proportionately below that of …

spurs economic growth, horizontal innovation creates new industry sectors, and thus enhances industry diversification …This paper theoretically studies the role of the financial system in promoting macroeconomic stability and growth. It … also explains endogenously the development of the financial system as part of the growth process. The productive sector …

excess consumption volatility differences across countries in a dynamic stochastic general equilibrium (DSGE) framework. I … find that financial development levels have no role in explaining excess consumption volatilities. Instead, the volatility … of the financial sector plays the determinative role. The model matches the data, finding excess consumption volatility …