Output and inflation in the long run
发现跨国回归中通胀对产出增长的负效应不稳健，并证明G7国家产出与通胀存在协整关系且正相关，用价格加成模型解释这一现象。
Abstract Cross‐country regressions explaining output growth often obtain a negative effect from inflation. However, that result is not robust, due to the selection of countries in sample, temporal aggregation, and omission of consequential variables in levels. This paper demonstrates some implications of these mis‐specifications, both analytically and empirically. In particular, for most G‐7 countries, annual time series of inflation and the log‐ level of output are cointegrated, thus rejecting the existence of a long‐run relation between output growth and inflation. Typically, output and inflation are positively related in these cointegrating relationships: a price markup model helps to interpret this surprising feature. Copyright © 2001 John Wiley & Sons, Ltd.