Volatility and Growth
Series: Clarendon Lectures in Economics;
- Publisher's listprice GBP 22.49
-
10 154 Ft (9 670 Ft + 5% VAT)
The price is estimated because at the time of ordering we do not know what conversion rates will apply to HUF / product currency when the book arrives. In case HUF is weaker, the price increases slightly, in case HUF is stronger, the price goes lower slightly.
- Discount 10% (cc. 1 015 Ft off)
- Discounted price 9 138 Ft (8 703 Ft + 5% VAT)
Subcribe now and take benefit of a favourable price.
Subscribe
10 154 Ft
Availability
printed on demand
Why don't you give exact delivery time?
Delivery time is estimated on our previous experiences. We give estimations only, because we order from outside Hungary, and the delivery time mainly depends on how quickly the publisher supplies the book. Faster or slower deliveries both happen, but we do our best to supply as quickly as possible.
Product details:
- Publisher OUP Oxford
- Date of Publication 18 December 2020
- ISBN 9780198867739
- Binding Paperback
- No. of pages160 pages
- Size 215x137x10 mm
- Weight 206 g
- Language English
- Illustrations Numerous line drawings, tables and mathematical equations 63
Categories
Short description:
Aghion and Banerjee build a model of an aggregate economy that takes the interactions between volatility and growth seriously, while still being open to the possibility of market failures. Looking through a new lens, they begin to explain persistent macroeconomic volatility and the effects of volatility on growth.
MoreLong description:
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.
Table of Contents:
Introduction
Modeling Credit Markets
Volatility and Growth: AK versus Schumpeterian Approach
Financial Development and the Effects of Growth on Volatility
Endogeneizing Volatility: Pecuniary Externalities and the Credit Channel
Endogenous Volatility in an Open Economy
The Third Generation Approach to Currency Crises
Conclusion
