Volatility and Growth (Clarendon Lectures in Economics)

Aghion, Philippe

Published by OUP Oxford, 2005

Used hardcover

From Reuseabook, Gloucester, GLOS, United Kingdom Seller rating 5 out of 5 stars

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Dispatched, from the UK, within 48 hours of ordering. Though second-hand, the book is still in very good shape. Minimal signs of usage may include very minor creasing on the cover or on the spine. Seller Inventory # CHL10256692

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Bibliographic Details

Title: Volatility and Growth (Clarendon Lectures in...
Publisher: OUP Oxford
Publication Date: 2005
Binding: hardcover
Condition: Used; Very Good

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Volatility and Growth: Clarendon Lectures in Economics

Philippe Aghion and Abhijit Banerjee

Published by OUP India, 2019

New Soft cover

Seller: Vedams eBooks (P) Ltd, New Delhi, India

Seller rating 4 out of 5 stars

Soft cover. Condition: New. It has long been recognized that productivity growth and the business cycle are closely interrelated. Yet, until recently, the two phenomena have been investigated separately in the economics literature. This book provides the first consistent attempt to analyze the effects of macroeconomic volatility on productivity growth, and also the reverse causality from growth to business cycles. The authors show that by looking at the economy through the lens of private entrepreneurs, who invest under credit constraints, one can go some way towards explaining persistent macroeconomic volatility and the effects of volatility on growth. Beginning with an analysis of the effects of volatility on growth, the authors argue that the lower the level of financial development in a country the more detrimental the effect of volatility on growth. This prediction is confirmed by cross-country panel regressions. The data also suggests that a fixed exchange rate regime or more countercyclical budgetary policies are growth-enhancing in countries with a lower level of financial development. The former reduce aggregate volatility whereas the latter reduce the negative effects of volatility on long-term productivity-enhancing investment by firms. The book concludes with an investigation into how the interplay between credit constraints and pecuniary externalities is sufficient to generate persistent business cycles and to explain the occurrence of currency crises. Seller Inventory # 133152

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