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The Output-Inflation Nexus in Ukraine: Is there a Trade-Off?

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  • Mr. Atish R. Ghosh

Abstract

This paper examines whether expansionary credit policy can help sustain output growth in transition economies, with particular reference to Ukraine’s experience since 1992. We find that, while real credit growth is indeed associated with higher output growth, an increase in the growth rate of nominal credit does not, in general equilibrium, stimulate output growth. Following a short-lived boom — caused by falling real wages — the increase in the growth rate of nominal credit leads to a decline in the level of output.

Suggested Citation

  • Mr. Atish R. Ghosh, 1996. "The Output-Inflation Nexus in Ukraine: Is there a Trade-Off?," IMF Working Papers 1996/046, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1996/046
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    Cited by:

    1. Ms. Era Dabla-Norris & Mr. Holger Floerkemeier, 2006. "Transmission Mechanisms of Monetary Policy in Armenia: Evidence from VAR Analysis," IMF Working Papers 2006/248, International Monetary Fund.
    2. Starr, Martha A., 2005. "Does money matter in the CIS? Effects of monetary policy on output and prices," Journal of Comparative Economics, Elsevier, vol. 33(3), pages 441-461, September.

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