English, Article, Journal or magazine article edition: Inflation uncertainty and growth in a simple monetary model Michael Dotsey; Pierre-Daniel Sarte

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Bookmark: http://trove.nla.gov.au/version/74645
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Inflation uncertainty and growth in a simple monetary model
Author
  • Michael Dotsey
  • Pierre-Daniel Sarte
Physical Description
  • preprint
Notes
  • This paper analyzes the effects of inflation variability on economic growth in a model where money is introduced via a cash-in-advance constraint. In this setting, we find that inflation adversely affects long-run growth, even when the cash-in-advance constraint applies only to consumption. At the same time, we find that inflation and growth are positively related in the short-run. In addition, variability tends to increase average growth through a precautionary savings motive. Since inflation and inflation variability tend to be highly correlated, this latter effect attenuates the negative long-run relationship between inflation and real growth. It also provides a partial rational for the notorious lack of robustness in cross-country regressions of growth and inflation.
  • Inflation (Finance) ; Monetary policy
  • RePEc:fip:fedrwp:97-05
Language
  • English
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