Moderate Inflation and the Deflation–Depression Link
重新检验通缩与经济增长的关系，发现通胀与增长存在非线性关系：高通胀抑制增长，而负通胀到温和通胀区间内通胀与增长正相关。
Recent research has concluded that the historical evidence only provides weak support for the contention that deflation episodes are harmful to economic growth. In this paper, we revisit this relationship by allowing for inflation and growth to have a nonlinear specification dependent on inflation levels. In particular, we allow for the possibility that high inflation is negatively correlated with growth, while a positive relationship exists over the range of negative to moderate inflation. Our results confirm a positive relationship between inflation and growth at moderate inflation levels, and support the contention that the relationship between inflation and growth is nonlinear over the entire sample range.