Recent literature suggests that long-run averages of growth and inflation are only weakly correlated and such … correlation is not robust to exclusion of extreme inflation observations; inclusion of time series panel data has improved matters …, but an aggregate parametric approach remains inconclusive. We propose a nonparametric definition of high inflation crises …

joint empirical analysis of growth and inflation, starting from a rudimentary short-term AS and AD framework that is … existence of a marked 20 year inflation and growth 'loop', extending beyond the conventional business cycles, with well … between inflation, economic activity, profits and investment renewal. The second part of the paper (Section IV) applies …