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    Inflation and growth: Explaining a negative effect

    Access Status
    In process
    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

    © 2009 selection and editorial matter Max Gillman, individual chapters the contributors. All rights reserved. The chapter presents a monetary model of endogenous growth and specifies an econometric model consistent with it. The economic model suggests a negative inflation-growth effect, and one that is stronger at lower levels of inflation. Empirical evaluation of the model is based on a large panel of OECD and APEC member countries over the years 1961-1997. The hypothesized negative inflation effect is found comprehensively for the OECD countries to be significant and, as in the theory, to increase marginally as the inflation rate falls. For APEC countries, the results from using instrumental variables also show significant evidence of a similar behavior. The nature of the inflation-growth profile and differences in this between the regions are interpreted with the credit production technology of the model in a way not possible with a standard cash-only economy.

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