Volatility and Growth

ISBN: 9780199248612 出版年：2007 页码：159 Aghion, Philippe Banerjee, Abhijit Oxford University Press

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. The authors show that by looking at the economy through the lens of private entrepreneurs who invest under credit constraints, one can go along way towards explaining persistent macroeconomic volatility and the effects of volatility on growth.