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The negative growth-inflation association in the existing literature is usually interpreted as a long-run relationship. But the existing literature on inflation and growth has a puzzling anomaly: there is little evidence of a relationship with low-frequency (30-year) data, but inflation and...
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After excluding countries with high-inflation crises - periods when annual inflation is above 40 percent - the data reveal no evidence of a consistent relationship between growth and inflation, at any frequency. But growth does tend to fall sharply during discrete crises of high inflation and to...
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It is well known that a domestic resource discovery gives rise to wealth effects that cause a squeeze of the tradeable good sector of an open economy. The decline of the manufacturing sector following an energy discovery has been termed the "Dutch disease," and has been investigated in many...
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This paper provides a theoretical and empirical analysis of the effects of input price shocks on economic growth, with a focus on United Kingdom manufacturing in the 1970s. The theoretical model predicts a discrete decline in out- put and productivity after an input price rise, and a longer-run...
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