The decline in macroeconomic volatility from the 1980s to the onset of the Great Recession did not, in general …, translate into more microeconomic stability. While microeconomic volatility can reflect growth-generating processes, such as … creative destruction and re-allocation of resources, consumption growth volatility weighs on households’ welfare. This study …

balanced growth path for this economy, thereby obtaining a theory of endogenous growth that captures in a tractable way the …

the returns to quality but also the returns to quantity. The theory suggests that in contrast to longevity, improvements …