Contrasting models of the effect of inflation on growth

被引:50
作者
Gillman, M [1 ]
Kejak, M
机构
[1] Cent European Univ, Budapest, Hungary
[2] Charles Univ Prague, CERGE EI, Prague, Czech Republic
[3] Acad Sci Czech Republic, Prague, Czech Republic
关键词
balanced-growth-path; calibration; cash-in-advance; endogenous growth; human capital; inflation;
D O I
10.1111/j.0950-0804.2005.00241.x
中图分类号
F [经济];
学科分类号
02 ;
摘要
The paper formulates a nesting model for studying the theoretical literature on inflation and endogenous growth. It analyses different classes of endogenous growth models, with different usage of physical and human capital, with different exchange technologies. First, the paper shows that a broad array of models can all generate significant negative effects of inflation on growth. Second, it shows that these models can be differentiated primarily by the fact whether there is a Tobin-type effect of inflation and also whether the inflation-growth effect becomes weaker as the inflation rate rises, a non-linearity, or stays essentially constant over the range of inflation rates. The paper compares these features of the models to empirical evidence as a way to summarize the efficacy of the models.
引用
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页码:113 / 136
页数:24
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