the associations of growth level, growth volatility, shocks, institutions, and macroeconomic fundamentals have changed in …, including global growth, global oil prices, and global financial volatility. After accounting for the effects global shocks, we … rate flexibility, education attainment, and lack of political polarization reduce the volatility of economic growth …

are found. Over time, the underlying payoffs randomly change, i.e. display some volatility , which leads agents to react …-run invariant behavior and obtain the following conclusions: (a) Only if payoff volatility is not too high can the society sustain a … dense social network. (b) The social architecture endogenously responds to increased volatility by becoming more cohesive …