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Contrasting Models of the Effect of Inflation on Growth

Gillman, Max and Kejak, Michal 2005. Contrasting Models of the Effect of Inflation on Growth. Journal of Economic Surveys 19 (1) , pp. 113-136. 10.1111/j.0950-0804.2005.00241.x

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Abstract

The paper formulates a nesting model for studying the theoretical literature on inflation and endogenous growth. It analyses different classes of endogenous growth models, with different usage of physical and human capital, with different exchange technologies. First, the paper shows that a broad array of models can all generate significant negative effects of inflation on growth. Second, it shows that these models can be differentiated primarily by the fact whether there is a Tobin-type effect of inflation and also whether the inflation–growth effect becomes weaker as the inflation rate rises, a non-linearity, or stays essentially constant over the range of inflation rates. The paper compares these features of the models to empirical evidence as a way to summarize the efficacy of the models.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: H Social Sciences > H Social Sciences (General)
H Social Sciences > HB Economic Theory
H Social Sciences > HG Finance
H Social Sciences > HJ Public Finance
Uncontrolled Keywords: Balanced-growth-path; Calibration; Cash-in-advance; Endogenous growth; Human capital; Inflation
Publisher: Wiley Blackwell
ISSN: 0950-0804
Last Modified: 19 Mar 2016 23:07
URI: http://orca-mwe.cf.ac.uk/id/eprint/39175

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