356
Views
4
CrossRef citations to date
0
Altmetric
Original Articles

Making the most of high inflation

, &

References

  • Amisano, G. and Fagan, G. (2013) Money growth and inflation: a regime switching approach, Journal of International Money and Finance, 33, 118–45. doi:10.1016/j.jimonfin.2012.09.006
  • Basco, E., D’Amato, L. and Garegnani, L. (2009) Understanding the money-prices relationship under low and high inflation regimes: Argentina 1977-2006, Journal of International Money and Finance, 28, 1182–203. doi:10.1016/j.jimonfin.2009.06.008
  • Bick, A. (2010) Threshold effects of inflation on economic growth in developing countries, Economics Letters, 108, 126–9. doi:10.1016/j.econlet.2010.04.040
  • Blanchard, O. and Quah, D. (1989) The dynamic effects of aggregate demand and supply disturbances, American Economic Review, 79, 655–73.
  • Braumann, B. (2000) Real effects of high inflation, IMF Working Paper No. WP/00/85, IMF, Washington, DC. doi:10.5089/9781451850741.001
  • Brito, R. D. and Bystedt, B. (2010) Inflation targeting in emerging economies: panel evidence, Journal of Development Economics, 91, 198–210. doi:10.1016/j.jdeveco.2009.09.010
  • Brock, W. (1974) Money and growth: the case of long-run perfect foresight, International Economic Review, 15, 750–65. doi:10.2307/2525739
  • Bruno, M. and Easterly, W. (1996) Inflation and growth: in search of stable relationship, Federal Reserve Bank of St. Louis Review, 78, 139–46.
  • Bruno, M. and Easterly, W. (1998) Inflation crises and long-run growth, Journal of Monetary Economics, 41, 3–26. doi:10.1016/S0304-3932(97)00063-9
  • Bull, C. and Frydman, R. (1983) The derivation and interpretation of the Lucas supply function, Journal of Money, Credit and Banking, 15, 82–95. doi:10.2307/1992142
  • Carrion-i-Silvestre, J. L., Kim, D. and Perron, P. (2009) GLS-based unit root tests with multiple structural breaks under both the null and the alternative hypotheses, Econometric Theory, 25, 1754–92. doi:10.1017/S0266466609990326
  • Cavallo, A. F. and Cavallo, E. A. (2010) Are crises good for long-term growth? The role of political institutions, Journal of Macroeconomics, 32, 838–57. doi:10.1016/j.jmacro.2010.01.006
  • Charemza, W., Hristova, D. and Burridge, P. (2005) Is inflation stationary?, Applied Economics, 37, 901–3. doi:10.1080/00036840500076721
  • Charemza, W. and Makarova, S. (2006) Ex ante dynamics of real effects of monetary policy: theory and evidence for Poland and Russia, 2001–2003, Comparative Economic Studies, 48, 458–79. doi:10.1057/palgrave.ces.8100180
  • Drazen, A. and Easterly, W. (2001) Do crises induce reform? Simple empirical tests of conventional wisdom, Economics and Politics, 13, 129–57. doi:10.1111/1468-0343.00087
  • Eckstein, O. (1981) Core Inflation, Prentice-Hall, Englewood Cliffs, NJ.
  • Fidrmuc, J. and Tichit, A. (2013) How I learned to stop worrying and love the crisis, Economic Systems, 37, 542–54. doi:10.1016/j.ecosys.2013.03.002
  • Fischer, S. and Modigliani, F. (1978) Towards an understanding of the real effects and costs of inflation, Weltwirtschaftliches Archiv, 114, 810–33. doi:10.1007/BF02696381
  • Gartner, C. and Wehinger, G. D. (1998) Core inflation in selected European Union countries, Working Paper No. 33, Oesterreichische Nationalbank, Vienna.
  • Gillman, M. and Harris, M. (2010) The effect of inflation on growth: evidence from a panel of transition countries, Economics of Transition, 18, 697–714. doi:10.1111/j.1468-0351.2009.00389.x
  • Golosov, M. and Lucas Jr, R. E. (2007) Menu costs and Phillips curves, Journal of Political Economy, 115, 171–99. doi:10.1086/512625
  • Grier, R. and Grier, K. B. (2006) On the real effects of inflation and inflation uncertainty in Mexico, Journal of Development Economics, 80, 478–500. doi:10.1016/j.jdeveco.2005.02.002
  • Hamilton, J. (1994) Time Series Analysis, Princeton University Press, Princeton, NJ.
  • Hartmann, M. and Roestel, J. (2013) Inflation, output and uncertainty in the era of inflation targeting-a multi-economy view on causal linkages, Journal of International Money and Finance, 37, 98–112. doi:10.1016/j.jimonfin.2013.05.011
  • Hatemi-J., A. (2004) Multivariate tests for autocorrelation in the stable and unstable VAR models, Economic Modelling, 21, 661–83. doi:10.1016/j.econmod.2003.09.005
  • Hatemi-J., A. (2014) Asymmetric generalized impulse responses with an application in finance, Economic Modelling, 36, 18–22. doi:10.1016/j.econmod.2013.09.014
  • Hosking, J. R. M. (1980) The multivariate portmanteau statistic, Journal of the American Statistical Association, 75, 602–8. doi:10.1080/01621459.1980.10477520
  • Jordà, Ò. (2005) Estimation and inference of impulse responses by local projections, American Economic Review, 95, 161–82. doi:10.1257/0002828053828518
  • Jordà, Ò. (2009) Simultaneous confidence regions for impulse responses, The Review of Economics and Statistics, 91, 629–47. doi:10.1162/rest.91.3.629
  • Khan, M. S. and Senhadji, S. A. (2001) Threshold effects in the relationship between inflation and growth, IMF Staff Papers, 48, 1–21.
  • Kremer, S., Bick, A. and Nautz, D. (2013) Inflation and growth: new evidence from a dynamic panel threshold analysis, Empirical Economics, 44, 861–78. doi:10.1007/s00181-012-0553-9
  • Kun, S. S. (2012) Evaluating the performance of inflation targeting regime in three Asian economies, International Econometric Review, 4, 82–98.
  • Lin, S. and Ye, H. (2009) Does inflation targeting make a difference in developing countries?, Journal of Development Economics, 89, 118–23. doi:10.1016/j.jdeveco.2008.04.006
  • López-Villavicencio, A. and Mignon, V. (2011) On the impact of inflation on output growth: does the level of inflation matter?, Journal of Macroeconomics, 33, 455–64. doi:10.1016/j.jmacro.2011.02.003
  • Lucas Jr, R. E. (1972) Expectations and the neutrality of money, Journal of Economic Theory, 4, 103–24. doi:10.1016/0022-0531(72)90142-1
  • Lütkepohl, H. (2006) New Introduction to Multiple Time Series Analysis, Springer, Berlin.
  • Mallik, G. and Chowdhury, A. (2001) Inflation and economic growth: evidence from four South Asian countries, Asia-Pacific Development Journal, 8, 123–35.
  • Midrigan, V. (2011) Menu costs, multiproduct firms, and aggregate fluctuations, Econometrica, 79, 1139–80. doi:10.3982/ECTA6735
  • Ng, S. and Perron, P. (2001) Lag length selection and the construction of unit root tests with good size and power, Econometrica, 69, 1519–54. doi:10.1111/1468-0262.00256
  • Perron, P. and Qu, Z. (2007) A simple modification to improve the finite sample properties of Ng and Perron’s unit root tests, Economics Letters, 94, 12–9. doi:10.1016/j.econlet.2006.06.009
  • Quah, D. and Vahey, S. (1995) Measuring core inflation, The Economic Journal, 105, 1130–44. doi:10.2307/2235408
  • Rachev, S. T., Mittnik, S. and Kim, J.-R. (1998) Time series with unit roots and infinite variance disturbances, Applied Mathematics Letters, 11, 69–74. doi:10.1016/S0893-9659(98)00082-2
  • Roncalli, T. (1995) Applications À La Finance at À L’econométrie, vol. 2, RITME Informatique, Paris.
  • Rousseau, P. L. and Wachtel, P. (2002) Inflation thresholds and the finance-growth nexus, Journal of International Money and Finance, 21, 777–93. doi:10.1016/S0261-5606(02)00022-0
  • Sarel, M. (1996) Nonlinear effects of inflation on economic growth, IMF Staff Papers, 43, 199–215. doi:10.2307/3867357
  • Sidrauski, M. (1967) Rational choice in patterns of growth in a monetary economy, American Economic Review, 57, 534–44.
  • Stockman, A. (1981) Anticipated inflation and the capital stock in a cash-in-advance economy, Journal of Monetary Economics, 8, 387–93. doi:10.1016/0304-3932(81)90018-0
  • Tobin, J. (1965) Money and economic growth, Econometrica, 33, 671–84. doi:10.2307/1910352
  • Vaona, A. and Schiavo, S. (2007) Nonparametric and semiparametric evidence on the long-run effects of inflation on growth, Economics Letters, 94, 452–8. doi:10.1016/j.econlet.2006.09.004

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.