Inflation and the Capital Stock
利用34个国家的结构VAR模型数据，发现多数国家通胀对资本存量无显著长期影响，有影响时系数通常为正，支持资本存量长期不受通胀率永久变化影响的观点。
There is a long literature examining the theoretical relationship between the rate of inflation and the size of the capital stock in an economy. This literature has produced varied predictions about the effects of inflation on the capital stock. In this paper we present some time series evidence on this issue. We estimate a structural VAR model for thirty-four countries and discover that for the majority of these countries there is no statistically significant long run effect of inflation on the capital stock. Moreover, for countries where a significant effect is found, the long run coefficient estimate is typically positive. Overall, our empirical results support the view that the long run level of the capital stock is invariant to permanent changes in the inflation rate.