economic growth. This paper examines the roles of three other factors: primary budget surpluses, surprise inflation, and pegged … inflation and the pre-Accord peg. In this counterfactual, debt/GDP declines only to 74% in 1974, not 23% as in actual history …

, all without any evidence of extra inflation. The results in this paper turn the conventional wisdom on its head. While the … over into extra inflation, leaving only 20 percent remaining for extra real GDP growth. Virtually 100 percent of the … nominal exchange rate depreciation passed through into higher import prices, and extra inflation would have been even more …

Models of inflation and growth in the sixties emphasized the portfolio substitution mechanism by which higher inflation … to higher growth.The empirical evidence, however, is that growth and inflation are negatively correlated. Reasons for … this negative correlation are investigated, and then embodied in a simple monetary maximizing model. Higher inflation is …

performance, which combined simultaneously very high rates of growth and declining inflation, productivity stands high. The …

probability of being a common currency country and outcome' equations for growth, volatility and inflation. We find that both type … of common currency countries have lower inflation than countries with a domestic currency. Dollarized countries have …