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

Ketil Hviding () and John Thornton
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Ketil Hviding: International Monetary Fund (IMF) - Research Department, Postal: 700 19th Street NW, Washington, DC 20431, USA, http://www.imf.org/external/

Economia Internazionale / International Economics, 1999, vol. 52, issue 1, 45-58

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.

JEL-codes: E41 O47 (search for similar items in EconPapers)
Date: 1999
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