TY  - BOOK
AU  - Fischer,Stanley
ED  - National Bureau of Economic Research.
TI  - The Role of Macroeconomic Factors in Growth
T2  - NBER working paper series
PY  - 1993///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - December 1993; Hardcopy version available to institutional subscribers
N2  - Using a regression analog of growth accounting, I present cross- sectional and panel regressions showing that growth is negatively associated with inflation, large budget deficits, and distorted foreign exchange markets.  Supplementary evidence suggests that the causation runs from macroeconomic policy to growth.  The framework makes it possible to identify the channels of these effects: inflation reduces growth by reducing investment and productivity growth; budget deficits also reduce both capital accumulation and productivity growth.  Examination of exceptional cases shows that while low inflation and small deficits are not necessary for high growth even over long periods, high inflation is not consistent with sustained growth
UR  - https://www.nber.org/papers/w4565
UR  - http://dx.doi.org/10.3386/w4565
ER  -