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The steady inflation rate of economic growth

Dungey, Mardi; Pitchford, John


This paper considers the existence of a path of GDP corresponding to steady inflation in the prices of domestic goods. We estimate the steady inflation rate of growth, denoted the SIRG, at a little over 4 per cent per annum in the post-float period. Changes in inflation are modelled as a nonlinear combination of growth and changes in import price inflation. Because import price inflation is more volatile than overall inflation, policy that targets overall inflation may require growth to...[Show more]

CollectionsANU Centre for Economic Policy Research (CEPR)
Type: Working/Technical Paper
Access Rights: Open Access


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