Sulle distribuzioni dei tassi di crescita dell’output aggregato: un’analisi per Stati Uniti e Italia

digital

Article

Magazine

RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI

Fascicle

RIVISTA INTERNAZIONALE DI SCIENZE SOCIALI - 2007 - 2

Title

Sulle distribuzioni dei tassi di crescita dell’output aggregato: un’analisi per Stati Uniti e Italia

Authors

Giorgio Fagiolo, Mauro Napoletano, Andrea Roventini

Publisher

Vita e Pensiero

Format

Article |

Pdf

Online from

02-2007

Issn

0035-676X (print) | 1827-7918 (digital)

€ 6.00

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Description

This work investigates the statistical properties of aggregate output growth rates in the U.S. and Italy. We show that in both countries growth rates follow an exponential-power density, with tails that are fatter than a normal distribution. Furthermore, fat tails appear to be robust with respect to: (i) the output measure employed in the analysis; (ii) the presence of outliers, autocorrelation and heteroscedasticity; (iii) the family of theoretical density employed in the analysis. Finally, we discuss the implications of our findings for economics and econometrics.