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• W2163499323 abstract "We examine the inflation–output relationship in the USA for the period 1955–90. We start by replicating Smyth (1992) and subjecting his estimates to a series of diagnostic tests. The model is shown to satisfy conditions for valid inference (weak exogeneity) and policy analysis (super-exogeneity) (Engle, Hendry and Richard, 1983). These robustness checks allow us to study the out-of-sample consequences of the point estimates for various levels of inflation. One central experimental result is that for inflation rates exceeding 4% the natural rate of output is reduced to such an extent that it contributes to a reduction in the growth rate of real GNP that is below historical trend (3.1% in our sample)." @default.
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• W2163499323 date "1997-09-01" @default.
• W2163499323 modified "2023-09-23" @default.
• W2163499323 title "The effect of inflation on the natural rate of output: experimental evidence" @default.
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• W2163499323 doi "https://doi.org/10.1080/00036849700000010" @default.
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