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Is Low Inflation an Important Condition for High Growth?

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  • Stanners, W

Abstract

Factual evidence for the seemingly universal belief that low price inflation is necessary for high GNP growth is curiously lacking, maybe even felt to be unnecessary. This paper takes what is thought to be all the, not very voluminous, postwar factual data that are relevant and treats this data in a number of ways to find whether any convincing demonstration of the truth of this belief is possible. The paper concludes that it is not. (c) 1993 Academic Press, Inc. Copyright 1993 by Oxford University Press.

Suggested Citation

  • Stanners, W, 1993. "Is Low Inflation an Important Condition for High Growth?," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 17(1), pages 79-107, March.
    • Handle: RePEc:oup:cambje:v:17:y:1993:i:1:p:79-107
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    Cited by:

    1. Girijasankar Mallik & Anis Chowdhury, 2011. "Effect of inflation uncertainty, output uncertainty and oil price on inflation and growth in Australia," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 38(4), pages 414-429, September.
    2. Jaganath Behera & Alok Kumar Mishra, 2017. "The Recent Inflation Crisis and Long-run Economic Growth in India: An Empirical Survey of Threshold Level of Inflation," South Asian Journal of Macroeconomics and Public Finance, , vol. 6(1), pages 105-132, June.
    3. Vishnu Padayachee, 2001. "Central Bank transformation in a globalized world: the Reserve Bank in post-apartheid South Africa," Journal of International Development, John Wiley & Sons, Ltd., vol. 13(6), pages 741-765.
    4. Nawalage S. Cooray, 2013. "An Empirical Analysis of Inflation-Growth Nexus in Developing Countries: The Case of Sri Lanka," Working Papers EMS_2013_21, Research Institute, International University of Japan.
    5. Kevin S. Nell, 2000. "Is Low Inflation a Precondition for Faster Growth? The Case of South Africa," Studies in Economics 0011, School of Economics, University of Kent.
    6. Ahortor, Christian R.K. & Adenutsi, Deodat E., 2009. "Inflation, capital accumulation and economic growth in import-dependent developing countries," MPRA Paper 29353, University Library of Munich, Germany, revised 2010.
    7. Mary Bange & William Bernhard & Jim Granato & Lauren Jones, 1997. "The effect of inflation on the natural rate of output: experimental evidence," Applied Economics, Taylor & Francis Journals, vol. 29(9), pages 1191-1199.
    8. Gilberto Libanio, 2005. ""Good governance" in monetary policy and the negative real effects of inflation targeting in developing economies," Textos para Discussão Cedeplar-UFMG td277, Cedeplar, Universidade Federal de Minas Gerais.
    9. Brian O'Reilly, 1998. "The Benefits of Low Inflation: Taking Shock "A nickel ain't worth a dime any more" [Yogi Berra]," Technical Reports 83, Bank of Canada.
    10. Javier Andrés & Ignacio Hernando & J. David López-Salido, 1999. "Assessing the benefits of price stability: The international experience," Estudios Económicos, Banco de España, number 69.
    11. Leonardo Becchetti & Iftekhar Hasan & George Mavrotas, 2005. "Education, Financial Institutions, Inflation and Growth," WIDER Working Paper Series RP2005-72, World Institute for Development Economic Research (UNU-WIDER).

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