Abstract

http://ssrn.com/abstract=226472
 
 

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Does Inflation Harm Economic Growth? Evidence for the OECD


Javier Andrés


University of Valencia - Department of Economics

Ignacio Hernando


Bank of Spain

June 1997

NBER Working Paper No. w6062

Abstract:     
The purpose of this paper is to study the correlation among growth and inflation at the OECD level, within the framework of the so-called convergence equations, and to discuss whether this correlation withstands a number of improvements in the empirical models, which try to address the most common criticisms of this evidence. The main findings are the following: 1) the negative correlation among growth and inflation is not explained by the experience of high-inflation economies; 2) the estimated costs of inflation are still significant once country-specific effects are allowed for in the empirical model; and 3) the observed correlation cannot be dismissed on the grounds of reverse causation (from GDP to inflation).

Number of Pages in PDF File: 42

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Date posted: August 15, 2000  

Suggested Citation

Andrés, Javier and Hernando, Ignacio, Does Inflation Harm Economic Growth? Evidence for the OECD (June 1997). NBER Working Paper No. w6062. Available at SSRN: http://ssrn.com/abstract=226472

Contact Information

Javier Andrés
University of Valencia - Department of Economics ( email )
E-46022 Valencia, Valencia E-46022
Spain
(34 96) 382 8260 (Phone)
(34 96) 382 8249 (Fax)
Ignacio Hernando
Bank of Spain ( email )
Madrid 28014
Spain
+34 91 338 5186 (Phone)
+34 91 338 5678 (Fax)
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