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Does cycles’ volatility affect the trend of long run Growth?
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TitleDoes cycles’ volatility affect the trend of long run Growth?  
AuthorChen Kunting , Zhou Yan and Gong Liutang  
OrganizationBusiness School of Ningbo University,Guanghua Management School of Beijing University,, 
Key WordsCycle’s Volatility; Trend of Long Run Growth; Mechanism of Human Capital Formation. 
AbstractHow does the cycles’ volatility affect the trend of long run Growth has become a hot problem. This paper establishes endogenous growth model to study the relationship between economic growth and volatility. Its basic thinking lies in that, the rates of human capital formation are different in different stage of business cycles, what cause the internal relationship between cycles’ volatility and the trend of long run growth. Our model could explain the different relationships between volatility and growth exist in researches of real world data: In different policy and culture envirment, robustness and contribution rate of learning are different, what decides the formation of the human capital and in turn decides the relationship between volatility and growth. 
Serial NumberWP120 
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