Inflation and real sectoral output shares: Dynamic panel model evidence from seven OECD countries

被引:1
|
作者
Davis, George K. [2 ]
Hineline, David [2 ]
Kanago, Bryce E. [1 ]
机构
[1] Univ No Iowa, Dept Econ, Cedar Falls, IA 50614 USA
[2] Miami Univ, Dept Econ, Oxford, OH 45056 USA
关键词
Costs of inflation; Relative-price variability; Misallocation of resources; Sectoral output shares; VARIABILITY; SHOCKS;
D O I
10.1016/j.jmacro.2011.06.002
中图分类号
F [经济];
学科分类号
02 ;
摘要
Models of the cost of inflation often conclude that inflation misallocates resources. For example, inflation may lead to an increase in the variability of relative prices and it it often claimed that this increase in variability leads to a misallocation of resources. This claim raises the following empirical question, does inflation alter the composition of real output; that is, does it change real output shares? We examine this question using dynamic panel data methods for nine sector panels each with seven OECD countries from 1970 to 2005. We find evidence that inflation changes the real shares of some sectors even when inflation is treated as endogenous. (C) 2011 Elsevier Inc. All rights reserved.
引用
收藏
页码:607 / 619
页数:13
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