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The negative inflation-growth effect: Theory and evidence

Gillman, Max, Harris, Mark and Matyas, Laszlo 2001. The negative inflation-growth effect: Theory and evidence. [Working Paper]. Working Papers Series, vol. 01/12. Melbourne: Economics and Commerce: Melbourne Institute of Applied Economic and Social Research.

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Abstract

The paper 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.

Item Type: Monograph (Working Paper)
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: H Social Sciences > HB Economic Theory
Uncontrolled Keywords: APEC countries; OECD; monetary model of endogenous growth; inflation
Publisher: Economics and Commerce: Melbourne Institute of Applied Economic and Social Research
Last Modified: 19 Mar 2016 23:15
URI: http://orca-mwe.cf.ac.uk/id/eprint/44444

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