THE STRATEGIC ISSUES OF INFLATION TARGETING IN THE CONTEXT OF ECONOMIC GROWTH
Abstract
The aim of this study is to test the relationship between inflation and GDP in the RA. Before estimating this relationship, we have checked the order of integration of the variables. Finally, we can see that there is a negative relationship between inflation and GDP in the RA, at least in the short run, which is consistent with most of the theories that have been developed throughout the years.
References
Fischer S. (1993) “The Role of Macroeconomic Factors in Growth”, Journal of Monetary Economics, Vol. 32, pp. 45-66.
Barro R. (1995) “Inflation and Economic Growth”, Federal Reserve Bank of St. Louis Review, Vol. 78, pp. 153-169.
Bruno, M. and Easterly, W. (1996) “Inflation Crises and Long-Run Growth”, Review of Federal Reserve Bank of St. Louis, Vol. 78, no. 3, pp. 139-46.
Ghosh A. and Phillips S. (1998) “Warning: Inflation May be Harmful to Your Growth”, IMF Staff Papers, Vol. 45, pp. 672-710.
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