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Inflation and growth: new evidence from a dynamic panel threshold analysis
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Inflation and growth: new evidence from a dynamic panel threshold analysis
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Journal Article
Inflation and growth: new evidence from a dynamic panel threshold analysis
2013
Overview
We introduce a dynamic panel threshold model to estimate inflation thresholds for long-term economic growth. Advancing on Hansen (J Econom 93:345–368,
1999
) and Caner and Hansen (Econom Theory 20:813–843,
2004
), our model allows the estimation of threshold effects with panel data even in case of endogenous regressors. The empirical analysis is based on a large panel-dataset including 124 countries. For industrialized countries, our results confirm the inflation targets of about 2% set by many central banks. For non-industrialized countries, we estimate that inflation rates exceeding 17% are associated with lower economic growth. Below this threshold, however, the correlation remains insignificant.
