IS THERE A CASE FOR LOW INFLATION‐INDUCED PRODUCTIVITY GROWTH IN SELECTED ASIAN ECONOMIES?

Renuka Mahadevan and John Asafu‐adjaye

Contemporary Economic Policy, 2006, vol. 24, issue 2, 249-261

Abstract: The authors examine the evidence on the relationship between inflation and productivity growth for nine Asian economies using causality analysis in a multivariate model with money supply as a possible effective monetary policy tool. The inflation‐productivity growth relationship is found to be non‐uniform, as the evidence of uni‐directional, bi‐directional, and no causality between the two variables is varied and significant for some countries and insignificant for others. An attempt is made to explain the inflation‐productivity nexus for these countries and to discuss implications for anti‐inflationary policies such as inflation targeting. (JEL E31, O47, C32)

Date: 2006
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