Autori
Schiavo, Stefano
Vaona, Andrea

Titolo
Semiparametric Evidence on the Long-Run Effects of Inflation on Growth.
Periodico
Università degli studi di Trento. Dipartimento di Economia. Discussion papers
Anno: 2005 - Fascicolo: 20 - Pagina iniziale: 1 - Pagina finale: 13

Two major findings of the empirical literature on the connection between inflation and output growth is that their relationship is non linear and that there exists a threshold inflation level below which inflation has a positive impact on growth and above which inflation has a negative impact on growth. In this paper we adopt a semiparametric estimator and we show that the first finding holds true even dropping the specification assumptions typical of parametric models. We also show that a threshold level does exist and it is around 10% for developed countries and 15% for developing ones. However, below the threshold level inflation does not appear to have a positive impact on growth, rather it does not have any substantial effect on it.



Testo completo: http://eprints.biblio.unitn.it/archive/00000922/

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