Contrasting Models of the Effect of Inflation on Growth
构建了一个嵌套模型，研究通货膨胀与内生增长的理论文献，分析不同增长模型如何产生通胀对增长的负面效应，并通过实证证据比较模型的有效性。
The paper formulates a nesting model for studying the theoretical literature on inflation and endogenous growth. It analyses different classes of endogenous growth models, with different usage of physical and human capital, with different exchange technologies. First, the paper shows that a broad array of models can all generate significant negative effects of inflation on growth. Second, it shows that these models can be differentiated primarily by the fact whether there is a Tobin-type effect of inflation and also whether the inflation-growth effect becomes weaker as the inflation rate rises, a non-linearity, or stays essentially constant over the range of inflation rates. The paper compares these features of the models to empirical evidence as a way to summarize the efficacy of the models. Copyright Blackwell Publishers Ltd, 2005.