Cross-country evidence on long run growth and inflation
While inflation is generally inversely related to growth, the author shows that estimates of the relationship suffer two robustness problems which plague a variety of model specifications. First, growth-inflation results are highly sensitive to modifications to the country sample, limited from the start to low- and moderate-inflation countries. Second, results are also sensitive to modifications in the time period of analysis. In conjunction with the regression specification sensitivity documented by Ross Levine and David Renelt (1992), these results should further discourage the practice of quantifying inflation's effects with cross-country growth regressions. Copyright 1997 by Oxford University Press.
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