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On the impact of inflation on output growth: Does the level of inflation matter?

Author

Listed:
  • Antonia López-Villavicencio

    (CEPN - Centre d'Economie de l'Université Paris Nord - Université Sorbonne Paris Nord)

  • Valérie Mignon

    (EconomiX - EconomiX - UPN - Université Paris Nanterre - CNRS - Centre National de la Recherche Scientifique, CEPII - Centre d'études prospectives et d'informations internationales)

Abstract

This paper investigates the growth effects of inflation on a wide sample of countries, including both industrialized and emerging economies. Relying upon the estimation of smooth transition and dynamic GMM models for panel data, our findings offer strong evidence that inflation non-linearly impacts economic growth. More specifically, there exists a threshold beyond which inflation exerts a negative effect on growth, and below which it is growth enhancing for advanced countries.

Suggested Citation

  • Antonia López-Villavicencio & Valérie Mignon, 2011. "On the impact of inflation on output growth: Does the level of inflation matter?," Post-Print hal-05455695, HAL.
    • Handle: RePEc:hal:journl:hal-05455695
    DOI: 10.1016/j.jmacro.2011.02.003
    Note: View the original document on HAL open archive server: https://hal.science/hal-05455695v1
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