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Examining the Robustness of the Inflation and Growth Relationship

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Author Info

  • David R. Hineline

    () (Department of Economics, Miami University)

Abstract

Using Bayesian Model Averaging, we examine whether inflation's effects on economic growth are robust to model uncertainty across numerous specifications. Cross-sectional data provide little evidence of a robust inflation-growth relationship, even after allowing for non-linear effects. Panel data with fixed effects suggest inflation is one of the more robust variables affecting growth, and non-linear results suggest that high inflation observations drive the results. However, this robustness is lost when estimation is carried out with instrumental variables.

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Bibliographic Info

Article provided by Southern Economic Association in its journal Southern Economic Journal.

Volume (Year): 73 (2007)
Issue (Month): 4 (April)
Pages: 1020–1037

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Handle: RePEc:sej:ancoec:v:73:4:y:2007:p:1020-1037

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Web page: http://www.southerneconomic.org/
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Cited by:
  1. Theo S. Eicher & Alex Lenkoski & Adrian Raftery, 2009. "Bayesian Model Averaging and Endogeneity Under Model Uncertainty: An Application to Development Determinants," Working Papers UWEC-2009-19-FC, University of Washington, Department of Economics.
  2. Omay, Tolga & Öznur Kan, Elif, 2010. "Re-examining the threshold effects in the inflation-growth nexus with cross-sectionally dependent non-linear panel: Evidence from six industrialized economies," Economic Modelling, Elsevier, vol. 27(5), pages 996-1005, September.

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