Cross-Country Evidence on the Link Between Volatility and Growth
用92个国家和OECD国家的数据，发现经济波动大的国家增长更慢，加入控制变量后负相关更强，政府支出导致的波动也抑制增长。
This paper presents empirical evidence against the standard dichotomy in macroeconomics that separates growth from the volatility of economic fluctuations. In a sample of ninety-two countries as well as a sample of OECD countries, the authors find that countries with higher volatility have lower growth. The addition of standard control variables strengthens the negative relationship. The authors also find that government spending-induced volatility is negatively associated with growth even after controlling for both time- and country-fixed effects. Copyright 1995 by American Economic Association.