Roventini, Andrea; Ascari, Guido; Fagiolo, Giorgio - EconomiX, Université Paris Ouest-Nanterre la Défense … - 2012
Recent empirical findings suggest that macroeconomic variables are seldom normally distributed. For example, the distributions of aggregate output growth-rate time series of many OECD countries are well approximated by symmetric exponential-power (EP) densities, with Laplace fat tails. In this...