International Evidence on the Size of the Random Walk in Output
扩展了Cochrane关于长期增长相对稳定性的研究，估计了九个OECD国家1871-1985年的方差比，发现美国特有的长期增长稳定性在其他国家并不存在。
This paper contributes three extensions of John H. Cochrane's work on measuring the relative stability of long-term growth. It estimates variance ratios for nine OECD countries over the period 1871-1985, presents an improved approximation to the distribution of the variance ratio, and considers the comovements of long growth cycles across countries. The evidence indicates that the relative stability of long-term growth found by Cochrane is unique to the United States. Relative to the United States, most countries have more variable dynamics at low frequencies and smoother dynamics at frequencies traditionally associated with business cycles. Copyright 1990 by University of Chicago Press.