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| Author: | Rapach, D.E. |
| Title: | International evidence on the long-run impact of inflation |
| Journal: | Journal of Money, Credit and Banking
2003 : FEB, VOL. 35:1, p. 23-48 |
| Index terms: | Inflation Interest rates International relations Vector autoregression models |
| Language: | eng |
| Abstract: | The author uses a structural vector autoregression framework to analyze the effects of a permanent change in inflation on the long-run real interest rate and real output level in 14 industrialized countries. Annual data rejects long-run monetary superneutrality for all 14 countries. The results indicate that the permanent increase in inflation lowers the long-run real interest rate in each country, and a permanent increase in inflation also increases the long-run real output level in a number of countries. |
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