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Is there an inflation-productivity trade-off? Some evidence from the manufacturing sector in Greece

  • George Bitros
  • Epaminondas Panas

This paper examines the effect of inflation on total factor productivity growth (TFP), using time-series data for every two digit Greek manufacturing industries. In order to do the above a translog flexible cost function is estimated and used to decompose TFP growth into scale economies, inflation and technical change. The advantage of estimating a very general and flexible cost function is that it allows us, for the first time, to examine empirically a large number of significant relationships between TFP growth and economies of scale, inflation and technical change. The main conclusion drawn from this analysis is that inflation reduces TFP growth in a way, which is sizeable. Furthermore, using standard causality test the direction of causality between inflation and TFP growth was tested at the manufacturing level.

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

Volume (Year): 33 (2001)
Issue (Month): 15 ()
Pages: 1961-1969

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Handle: RePEc:taf:applec:v:33:y:2001:i:15:p:1961-1969
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