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Scaling the volatility of GDP growth rates |
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| Authors: | D. Canning L. A. N. Amaral Y. Lee M. Meyer H. E. Stanley |
| Affiliation: | aQueen's University of Belfast, Belfast, UK;bHarvard Institute for International Development, 1 Eliot Street, Cambridge 02138, MA, USA;cBoston University, Boston, MA, USA;dMassachusetts Institute of Technology, Boston, MA, USA |
| Abstract: | The distribution of shocks to GDP growth rates is found to be exponential rather than normal. Their standard deviation scales with GDPβ where β=−0.15±0.03. These macroeconomic results place restrictions on the microeconomic structure of interactions between agents. |
| Keywords: | Real Business Cycles Country Size Scale Effects Volatility Network Models |
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