The Friedman's and Mishkin's Hypotheses (Re)Considered

Christian Bordes () and Samuel Maveyraud
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Christian Bordes: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique

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Abstract: This paper o¤ers to investigate both the Friedman's and Mishkin's hypotheses on the consequences of inflation on output growth. To this end, we first base these hypotheses in a unified framework. Second, in an empirical work based on OECD countries, we distinguish between short-medium and long run and between headline and core inflation. We get two main results. First, nominal uncertainty and inflation are positively linked. Second, headline inflation negatively Granger causes out- put gap (US, Japan, France) but has no effect on potential output growth (US excepted) whereas core inflation impacts potential output growth (UK, Germany) but not output gap (US excepted).

Keywords: Inflation; uncertainty; output growth; GARCH; CF filter (search for similar items in EconPapers)
Date: 2008-06
Note: View the original document on HAL open archive server: https://hal.science/hal-00308571
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Published in 2008

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Working Paper: The Friedman's and Mishkin's Hypotheses (Re)Considered (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00308571

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