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Inflation uncertainty and a test of the Friedman hypothesis

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  • Hafer, R. W.

Abstract

This paper tests Friedman's (1977) hypothesis that increases in inflation uncertainty, ceteris paribus, may yield higher levels of unemployment. Tests are made using quarterly measures of inflation uncertainty taken from the ASA-NBER survey. Using the 1972-1984 period, we find general support for the hypothesis.
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Suggested Citation

  • Hafer, R. W., 1986. "Inflation uncertainty and a test of the Friedman hypothesis," Journal of Macroeconomics, Elsevier, vol. 8(3), pages 365-372.
    • Handle: RePEc:eee:jmacro:v:8:y:1986:i:3:p:365-372
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    Cited by:

    1. Doaa Akl Ahmed & Mamdouh Abdelmoula M. Abdelsalam, 2018. "Inflation Instability Impact on Interest Rate in Egypt: Augmented Fisher Hypothesis Test," Applied Economics and Finance, Redfame publishing, vol. 5(1), pages 1-13, January.
    2. Berument, Hakan & Kilinc, Zubeyir & Ozlale, Umit, 2004. "The effects of different inflation risk premiums on interest rate spreads," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 333(C), pages 317-324.
    3. Berument, Hakan & Yuksel, Ebru, 2007. "Effects of adopting inflation targeting regimes on inflation variability," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 375(1), pages 265-273.
    4. Rizvi, Syed Kumail Abbas & Naqvi, Bushra, 2008. "Asymmetric Behavior of Inflation Uncertainty and Friedman-Ball Hypothesis: Evidence from Pakistan," MPRA Paper 19488, University Library of Munich, Germany.
    5. Hakan Berument & Nildag Basak Ceylan & Hasan Olgun, 2007. "Inflation uncertainty and interest rates: is the Fisher relation universal?," Applied Economics, Taylor & Francis Journals, vol. 39(1), pages 53-68.
    6. Dennis W. Jansen, 1989. "Does inflation uncertainty affect output growth? Further evidence," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 43-54.
    7. Hafer, R. W., 1992. "Inflation and price instability in China: A comment," China Economic Review, Elsevier, vol. 3(2), pages 213-218.
    8. Wu, Jyh-Lin & Chen, Show-Lin & Lee, Hsiu-Yun, 2003. "Sources of inflation uncertainty and real economic activity," Journal of Macroeconomics, Elsevier, vol. 25(3), pages 397-409, September.
    9. Viceira, Luis M., 2012. "Bond risk, bond return volatility, and the term structure of interest rates," International Journal of Forecasting, Elsevier, vol. 28(1), pages 97-117.
    10. Narayan, Seema & Narayan, Paresh Kumar, 2013. "The inflation–output nexus: Empirical evidence from India, South Africa, and Brazil," Research in International Business and Finance, Elsevier, vol. 28(C), pages 19-34.
    11. Wilson, Bradley Kemp, 2006. "The links between inflation, inflation uncertainty and output growth: New time series evidence from Japan," Journal of Macroeconomics, Elsevier, vol. 28(3), pages 609-620, September.
    12. Bipradas Rit, 2012. "The Relationship between Inflation, Inflation Uncertainty and Output Growth in India," Working Papers 1211, Indian Institute of Foreign Trade.
    13. Syed Kumail Abbas Naqvi & Bushra Naqvi, 2010. "Asymmetric Behavior of Inflation Uncertainty and Friedman-Ball Hypothesis: Evidence from Pakistan," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 15(2), pages 1-33, Jul-Dec.
    14. Ernani Teixeira, 1991. "Incerteza inflacionária e crescimento do produto e incerteza do produto e crescimento inflacionário," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 2(2), pages 123-133, November.
    15. Carmen PINTILESCU & Mircea ASANDULUI & Elena-Daniela VIORICA & Danut-Vasile JEMNA, 2016. "Investigation On The Causal Relationship Between Inflation, Output Growth And Their Uncertainties In Romania," Review of Economic and Business Studies, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, issue 17, pages 71-89, June.
    16. Brandt, Michael W. & Wang, Kevin Q., 2003. "Time-varying risk aversion and unexpected inflation," Journal of Monetary Economics, Elsevier, vol. 50(7), pages 1457-1498, October.
    17. E. Yuksel & Y. Akdi, 2009. "The effect of different inflation risks on interest rates of the US," Applied Economics Letters, Taylor & Francis Journals, vol. 16(2), pages 169-175.
    18. Hakan Berument & Zubeyir Kilinc & Umit Ozlale, 2005. "The Missing Link Between Inflation Uncertainty And Interest Rates," Scottish Journal of Political Economy, Scottish Economic Society, vol. 52(2), pages 222-241, May.

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