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政大典藏 > College of Social Science > Department of Economics > Periodical Articles > Item 140.119/120967

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/120967

Title:	Non-productive consumption loans and threshold effects in the inflation-growth relationship
Authors:	洪福聲 Hung, Fu-Sheng
Contributors:	經濟系
Date:	2008-04
Issue Date:	2018-11-21 16:17:14 (UTC+8)
Abstract:	Recent empirical evidence indicates that two inflation thresholds exist in the inflation-growth relationship. Pre-existing theoretical models, however, fail to generate such a pattern. By adding consumption loans (which are non-productive) into a standard model of imperfect information, this paper finds that an increase in the inflation rate may increase, decrease, or have no significant effect on economic growth for inflation rates below a threshold level; however, for inflation rates higher than this threshold level, an increase in the inflation rate significantly reduces economic growth. Moreover, the marginal impact of an increase in the inflation rate in terms of reducing economic growth increases with the rise in the inflation rate, until the inflation rates reach the second threshold level, from which such a marginal effect significantly decreases. These results accord well with recent empirical evidence.
Relation:	Oxford Economic Papers, Vol. 60, Issue 2, pp. 318-342
Data Type:	article
DOI link:	https://doi.org/10.1093/oep/gpm036
DOI:	10.1093/oep/gpm036
Appears in Collections:	[Department of Economics] Periodical Articles

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