Description
This book is about how to manage economic volatility and crises. It discusses how volatility can have a negative effect on long-term growth and inequality, and how crises are caused by the same things.
Over the past ten years, economic volatility has come into its own after being treated for decades as a secondary phenomenon in business cycle literature. This evolution has been driven by the recognition of the permanent negative effects of volatility on long-run growth and inequality, especially in poor countries. After presenting basic features of volatility, this volume investigates commodity price volatility as an absorber and amplifier of shocks. The collection then examines macroeconomic crises, which are driven by the same phenomena that make volatility difficult to treat effectively.
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