Monetary policy, banking and growth / Joseph H. Haslag Haslag, Joseph H

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Haslag, Joseph H
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Economic Inquiry
Monetary policy - Econometric models.; Economic development -- Models; Banking industry -- Economic aspects
There is ample empirical evidence suggesting that countries with high inflation tend to grow slower than countries with low inflation. based on the regression evidence, the inflation-rate effect is fairly large; on average, per-capita real GDP grows between 1/4- and 3/4-percentage-points slower in a country in which the average inflation rate is 10% as compared with a country in which inflation is 0%. The purpose of this paper is to determine whether a model economy that is reasonably calibrated can account for such large inflation-rate effects. The answer is yes.
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