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Inflation, Volatility and Growth

Ruth Judson and Athanasios Orphanides ()

International Finance, 1999, vol. 2, issue 1, 117-38

Abstract: This paper re-examines the relationship between inflation, inflation volatility and growth, using cross-country panel data for the past 30 years. With regard to the level of inflation, we find that exploiting the time dimension of the data reveals a strong negative correlation between inflation and income growth for all but low inflation countries. To examine the role of inflation uncertainty on growth, we use intra-year inflation data to construct an annual measure of inflation volatility. Using this measure, we find that inflation volatility is also robustly negatively correlated with growth, even after the effect of the level of inflation is controlled for. Copyright 1999 by Blackwell Publishers Ltd.

Date: 1999
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Working Paper: Inflation, volatility and growth (1996) Downloads
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