Inflation and growth: Some theory and evidence

Gillman, Max, Mátyás, László and Harris, Mark 2002. Inflation and growth: Some theory and evidence. Presented at: 10th International Conference on Panel Data, Berlin, Germany, 5-6 July 2002.

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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:	Conference or Workshop Item (Paper)
Date Type:	Completion
Status:	Unpublished
Schools:	Business (Including Economics)
Subjects:	H Social Sciences > HB Economic Theory
Uncontrolled Keywords:	Endogenous Growth; Panel Data; Inflation; Non-linearity
Additional Information:	Paper: D5-1
Last Modified:	19 Mar 2016 23:15
URI:	https://orca.cardiff.ac.uk/id/eprint/44507

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