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K. Hviding, J. Thornton - Does Inflation Affect Productivity Growth in the G7 Economies?

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Abstract

Inflation and the level of total factor, capital and labor productivity are integrated of the same order and are cointegrated in each of the G7 countries. The long-run relationship is mainly negative, the magnitude generally small, and there is no strong pattern of Granger causality between inflation and productivity in the short-run. Also, inflation shocks appear to have a negligible effect on productivity in the United States in both the short-and long-run; in Germany, Japan, and the United Kingdom the long-run adverse effects are more substantial.

Suggested Citation

  • Hviding, Ketil & Thornton, John, 1999. "K. Hviding, J. Thornton - Does Inflation Affect Productivity Growth in the G7 Economies?," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 52(1), pages 45-58.
    • Handle: RePEc:ris:ecoint:0282
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    Cited by:

    1. Renuka Mahadevan & John Asafu‐Adjaye, 2006. "Is There A Case For Low Inflation‐Induced Productivity Growth In Selected Asian Economies?," Contemporary Economic Policy, Western Economic Association International, vol. 24(2), pages 249-261, April.

    More about this item

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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