by low inflation, robust growth and low level of bureaucratic corruption due to better governance. In contrast, the … corruption, high inflation due partly to reliance on seigniorage to finance public spending, and lackluster growth. Using annual …

models and the models’ conclusions about the impact of inflation on investment. We find that the models differ widely with … predictions about inflation’s impact on capital accumulation, with some models offering conclusions that are not only …

This article re-examines Earl Hamilton’s famous 1929 thesis on ‘Profit Inflation’ and the ‘birth of modern industrial … led him to conclude that: Spain had enjoyed virtually no ‘profit inflation’, since wages had generally kept pace with … prices; and that early-modern England had experienced the greatest degree of such ‘profit inflation’. Such a contrast in …

This paper examines the steady-state growth effect of inflation in an endogenous growth model in which the Calvo …. On the balanced-growth path in this model, the marginal growth effect of inflation is weakly negative or even positive at … low inflation rates because the effect on average markup offsets the negative marginal growth effect through the monetary …

policy may produce little impact on the converging speed. This result indicates that the growth effect of inflation …

This paper examines the long-run impact of inflation tax in the context of a generalized Ak growth model in which the … rate of inflation may not be established. …

, trend inflation and financial frictions are considered in a New Keynesian macroeconomic model. Financial variables play a … key role in the determination of the steady state growth rate, given the value of the trend inflation. Calibrating the … maximized when trend inflation is 1.7% while leverage, external finance premium and marginal gain of the financial …

In this note, we develop a search-based monetary growth model to analyze the growth and welfare effects of inflation … inflation to those from a standard cash-in-advance (CIA) growth model. We �find two important differences between the two … approaches. First, while the growth effect of inflation operates solely through endogenous labor supply in the CIA model, the …