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| Author: | Hung, F-S. |
| Title: | Non-productive consumption loans and threshold effects in the inflation-growth relationship |
| Journal: | Oxford Economic Papers
2008 : APR, VOL. 60:2, p. 318-342 |
| Index terms: | inflation loans economic growth models |
| Language: | eng |
| Abstract: | Based on recent empirical evidence, two inflation (hereafter as: infl.) thresholds (here as: t-hold/t-holds) are shown to exist in the infl.-growth relationship. However, pre-existing theoretical models, fail to generate this kind of a pattern. By adding consumption loans into a standard model of imperfect information, it is found in this paper that an increase in the infl. rate may increase, decrease, or have no significant effect on economic growth for infl. rates below a t-hold level. However, for infl. rates higher than this t-hold level, an increase in the infl. rate significantly reduces economic growth etc. |
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