Inflation, Investment and Growth
A Money and Banking Approach
Bibliographic Data
| ID | 9722386 |
|---|---|
| Authors | Max Gillman (0000-0002-5536-4608, Hungarian Academy of Sciences), Michal Kejak (Center for Economic Research and Graduate Education – Economics Institute) |
| Year | 2011 |
| Volume | 78 |
| Issue | 310 |
| Pages | 260-282 |
| Publication date | 2011-04-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Economica (JOURNAL) |
| Journal identifiers | ISSN: 0013-0427 • E-ISSN: 1468-0335 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/j.1468-0335.2009.00814.x |
| OpenAlex | W2128955584 |
| Language | EN |
| References cited | 37 |
Output growth, investment and the real interest rate in long-run evidence tend to be negatively affected by inflation. Theoretically, inflation acts as a human capital tax that decreases output growth and the real interest rate, but increases the investment rate, opposing evidence. This paper resolves this puzzle by requiring exchange for investment as well as consumption. Inflation then decreases the investment rate, and still decreases both output growth and real interest up to some moderately high rate of inflation, above which increasingly low investment finally causes capital to fall relative to labour, and the real interest rate to rise
Capital (architecture) · Consumption (sociology) · Economics · Exchange rate · Fisher hypothesis · Inflation (cosmology) · Interest rate · Investment (military) · Macroeconomics · Monetary economics · Nominal interest rate · Real interest rate · Economic theories and models · Fiscal Policy and Economic Growth · Monetary Policy and Economic Impact
The Transactions Demand for Cash
Cointegration Vector Estimation by Panel Dols and Long‐run Money Demand
Money and Economic Growth
On the mechanics of economic development
Money and growth
Inflation and Investment
The Financial Firm
Transaction Services, Inflation, and Welfare
A Theory of the Allocation of Time
A Re–evaluation of the Relation between Wages and Unemployment in the United Kingdom
A Revised Tobin Effect from Inflation
Inflation and Balanced‐Path Growth with Alternative Payment Mechanisms
A Contribution to the Theory of Economic Growth
| Citation velocity | historical |
|---|---|
| Highly cited | No |