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Does Inflation Harm Economic Growth in Jordan?. An Econometric Analysis for the Period 1970-2000

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  • Sweidan, O.D.
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    Abstract

    It is expected that inflation we will be an important issue in Jordan because the central bank of Jordan is adopting an easy monetary policy to help promoting the financial market.Therefore, this paper explores the relation between inflation and economic growth to check whether if this relation has a structural breakpoint effect or not.This paper shows that the structural breakpoint effect occurs at inflation rate equal to 2% and after this level the effect turns to be negative. This result says that the maneuver of the monetary policy will be very limited. And, the central bank of Jordan should pay attention to the inflation phenomenon while conducting the new monetary policy.

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    File URL: http://www.usc.es/economet/reviews/ijaeqs123.pdf
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    Bibliographic Info

    Article provided by Euro-American Association of Economic Development in its journal International Journal of Applied Econometrics and Quantitative Studies .

    Volume (Year): 1 (2004)
    Issue (Month): 2 ()
    Pages: 41-66

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    Handle: RePEc:eaa:ijaeqs:v:1:y2004:i:1_9

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    Related research

    Keywords: Inflation; Economic Growth; Jordan; Arch Models;

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    1. Maghyereh, Aktham, 2003. "External Debt and Economic Growth in Jordan: the Threshold Effect," Economia Internazionale / International Economics, Camera di Commercio di Genova, vol. 56(3), pages 337-355.
    2. Henry Ma, 1998. "Inflation, Uncertainty, and Growth in Colombia," IMF Working Papers 98/161, International Monetary Fund.
    3. De Gregorio, Jose, 1992. "The effects of inflation on economic growth : Lessons from Latin America," European Economic Review, Elsevier, vol. 36(2-3), pages 417-425, April.
    4. Laurence Ball, 1990. "Why Does High Inflation Raise Inflation Uncertainty?," NBER Working Papers 3224, National Bureau of Economic Research, Inc.
    5. Tim Bollerslev, 1986. "Generalized autoregressive conditional heteroskedasticity," EERI Research Paper Series EERI RP 1986/01, Economics and Econometrics Research Institute (EERI), Brussels.
    6. Crawford, A & Kasumovich, M, 1996. "Does Inflation Uncertainty Vary with the Level of Inflation?," Working Papers 96-09, Bank of Canada.
    7. John E. Golob, 1994. "Does inflation uncertainty increase with inflation?," Economic Review, Federal Reserve Bank of Kansas City, issue Q III, pages 27-38.
    8. Javier Andres & Ignacio Hernando, 1997. "Does Inflation Harm Economic Growth? Evidence for the OECD," NBER Working Papers 6062, National Bureau of Economic Research, Inc.
    9. Stanley Fischer, 1993. "The Role of Macroeconomic Factors in Growth," NBER Working Papers 4565, National Bureau of Economic Research, Inc.
    10. Engle, Robert F, 1982. "Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation," Econometrica, Econometric Society, vol. 50(4), pages 987-1007, July.
    11. Ruth Judson & Athanasios Orphanides, 1996. "Inflation, volatility and growth," Finance and Economics Discussion Series 96-19, Board of Governors of the Federal Reserve System (U.S.).
    12. Michael Sarel, 1995. "Nonlinear Effects of Inflationon Economic Growth," IMF Working Papers 95/56, International Monetary Fund.
    13. Sims, Christopher A, 1980. "Macroeconomics and Reality," Econometrica, Econometric Society, vol. 48(1), pages 1-48, January.
    14. Kormendi, Roger C. & Meguire, Philip G., 1985. "Macroeconomic determinants of growth: Cross-country evidence," Journal of Monetary Economics, Elsevier, vol. 16(2), pages 141-163, September.
    15. Brian Motley, 1994. "Growth and inflation: a cross-country study," Working Papers in Applied Economic Theory 94-08, Federal Reserve Bank of San Francisco.
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    Cited by:
    1. Ahortor, Christian R.K. & Adenutsi, Deodat E., 2009. "Inflation, capital accumulation and economic growth in import-dependent developing countries," MPRA Paper 29353, University Library of Munich, Germany, revised 2010.
    2. Phiri, Andrew, 2013. "Inflation and Economic Growth in Zambia: A Threshold Autoregressive (TAR) Econometric Approach," MPRA Paper 52093, University Library of Munich, Germany.

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