%0 Unpublished work %T Are output growth-rate distributions fat-tailed? Some evidence from OECD countries %+ Laboratory of Economics and Management (LEM) %+ Observatoire français des conjonctures économiques (Sciences Po) (OFCE) %+ Department of Economics %A Fagiolo, Giorgio %A Napoletano, Mauro %A Roventini, Andrea %8 2006-10 %D 2006 %K Output Growth-Rate Distributions %K normality %K fat tails %K time series %K Exponential-Power Distributions %K Laplace Distributions %K Output Dynamics %Z Humanities and Social Sciences/Economics and FinancePreprints, Working Papers, ... %X This work explores some distributional properties of aggregate output growth-rate time series. We show that, in the majority of OECD countries, output growth-rate distributions are well-approximated by symmetric exponential-power densities with tails much fatter than those of a Gaussian. Fat tails robustly emerge in output growth rates independently of: (i) the way we measure aggregate output; (ii) the family of densities employed in the estimation; (iii) the length of time lags used to compute growth rates. We also show that fat tails still characterize output growth-rate distributions even after one washes away outliers, autocorrelation and heteroscedasticity. %G English %2 https://sciencespo.hal.science/hal-01065643/document %2 https://sciencespo.hal.science/hal-01065643/file/wp36.pdf %L hal-01065643 %U https://sciencespo.hal.science/hal-01065643 %~ SHS %~ SCIENCESPO %~ AO-ECONOMIE %~ OFCE %~ SCPO_OA %~ SCPO-REPEC