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Inflation and Output Volatility: Evidence from International Historical Data

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  • Bruno Ćorić

Abstract

This study adopts a historical perspective to investigate variations in output volatility within and across world economies. The analysis uses annual data for 37 OECD and non-OECD countries covering the last two centuries. We focus on the relationship between inflation and output volatility. The results of a panel analysis show a positive effect of inflation on output volatility. This finding is consistent with the view that low inflation has a stabilizing effect on output volatility over the long term.

Suggested Citation

  • Bruno Ćorić, 2020. "Inflation and Output Volatility: Evidence from International Historical Data," CESifo Economic Studies, CESifo Group, vol. 66(2), pages 157-180.
    • Handle: RePEc:oup:cesifo:v:66:y:2020:i:2:p:157-180.
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    File URL: http://hdl.handle.net/10.1093/cesifo/ifaa002
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    More about this item

    Keywords

    business cycle; economic disasters; inflation;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative

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