Table 1: List of countries in the main sample and averaged volatilities over the period 1978–2007.

Country GDP Output Consumption Investment Gov. consumpt.
growth volatility volatility volatility volatility

Australia 0.0234 0.0203 0.0132 0.0785 0.0153
Austria 0.0206 0.0199 0.0170 0.0592 0.0100
Belgium 0.0206 0.0176 0.0124 0.0745 0.0148
Canada 0.0193 0.0238 0.0177 0.0792 0.0161
Denmark 0.0210 0.0225 0.0232 0.0891 0.0169
Finland 0.0257 0.0388 0.0262 0.1030 0.0194
France 0.0163 0.0151 0.0107 0.0554 0.0139
Germany 0.0192 0.0170 0.0142 0.0547 0.0166
Greece 0.0236 0.0264 0.0209 0.0849 0.0402
Iceland 0.0414 0.0404 0.0499 0.1474 0.0197
Ireland 0.0221 0.0389 0.0287 0.1059 0.0408
Italy 0.0196 0.0170 0.0191 0.0502 0.0180
Japan 0.0200 0.0215 0.0160 0.0016 0.0120
Korea 0.0557 0.0519 0.0454 0.1162 0.0230
Luxembourg 0.0384 0.0306 0.0183 0.1010 0.0213
Mexico 0.0139 0.0428 0.0400 0.1404 0.0318
Netherlands 0.0180 0.0178 0.0186 0.0544 0.0189
New Zealand 0.0258 0.0198 0.0184 0.0902 0.0219
Norway 0.0168 0.0209 0.0232 0.0869 0.0158
Portugal 0.0244 0.0320 0.0241 0.1025 0.0282
Spain 0.0258 0.0219 0.0205 0.0629 0.0178
Sweden 0.0194 0.0212 0.0214 0.0887 0.0137
Switzerland 0.0130 0.0190 0.0090 0.0610 0.0176
United Kingdom 0.0179 0.0188 0.0194 0.0683 0.0116
United States 0.0204 0.0212 0.0142 0.0736 0.0163