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Is the negative correlation between inflation and growth real? An analysis of the effects of the oil supply shocks

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  • Sung Kim
  • Thomas Willett
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    Abstract

    This paper investigates the view that the often-documented negative relationship between inflation and economic growth is largely spurious, resulting primarily from supply shocks which raise inflation and hurt growth. Evidence from tests of structural breaks is consistent with this hypothesis, but more detailed examination finds that while incorporation of supply-shock considerations does lower some of the estimates of the effects of inflation on growth for the industrial countries, these remain quite substantial. Little influence is found on the much lower estimates for developing countries.

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    File URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/135048500351681&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Applied Economics Letters.

    Volume (Year): 7 (2000)
    Issue (Month): 3 ()
    Pages: 141-147

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    Handle: RePEc:taf:apeclt:v:7:y:2000:i:3:p:141-147

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    Cited by:
    1. Richard C.K. Burdekin & Arthur T. Denzau & Manfred W. Keil & Thitithep Sitthiyot & Thomas D. Willett, . "Nonlinear Effects of Inflation on Growth: Comment," Claremont Colleges Working Papers 2000-23, Claremont Colleges.
    2. Villieu, P. & Minea, Alexandru, 2007. "Long-Run Monetary and Fiscal Policy Trade-Off in an Endogenous Growth Model with Transaction Costs," Proceedings of the German Development Economics Conference, Göttingen 2007 23, Verein für Socialpolitik, Research Committee Development Economics.
    3. Minea, Alexandru & Villieu, Patrick, 2009. "Threshold effects in monetary and fiscal policies in a growth model: Assessing the importance of the financial system," Journal of Macroeconomics, Elsevier, vol. 31(2), pages 304-319, June.
    4. Burdekin, Richard C.K. & Denzau, Arthur T. & Keil, Manfred W. & Sitthiyot, Thitithep & Willett, Thomas D., 2004. "When does inflation hurt economic growth? Different nonlinearities for different economies," Journal of Macroeconomics, Elsevier, vol. 26(3), pages 519-532, September.
    5. Adam Fforde, 2005. "Persuasion: Reflections on economics, data, and the 'homogeneity assumption'," Journal of Economic Methodology, Taylor & Francis Journals, vol. 12(1), pages 63-91.

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