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    Inflation and growth: Explaining a negative effect

    Access Status
    Fulltext not available
    Authors
    Gillman, M.
    Harris, Mark
    Mátyás, L.
    Date
    2009
    Type
    Book Chapter
    
    Metadata
    Show full item record
    Source Title
    Inflation Theory in Economics: Welfare, Velocity, Growth and Business Cycles
    DOI
    10.4324/9780203880180
    ISBN
    0203880188
    9780203880180
    Faculty
    Faculty of Business and Law
    School
    School of Economics, Finance and Property
    URI
    http://hdl.handle.net/20.500.11937/81818
    Collection
    • Curtin Research Publications
    Abstract

    Kormendi and McGuire (1985) document a negative effect of inflation on economic growth for a cross-section of 47 countries during the period 1950-1977. Recent panel evidence such as Barro’s (2001) strengthens the support for such a negative effect. In qualification, Khan and Senhadji (2001), Ghosh and Phillips (1998), and Judson and Orphanides (1996) all find a significant negative inflation-growth effect above a certain “threshold” value of the inflation rate, and no significant effect below the threshold value, without using instrumental variables and with differences found between less and more developed country samples. Further the above threshold negative effect that they find is significantly non-linear whereby the marginal effect is stronger at lower inflation rates than at higher ones; see also Fischer (1993).

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