Macroeconomic stability and economic growth: myths and realities

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cepal.articleNo6
cepal.bibLevelSección o Parte de un Documento
cepal.callNumberLC/PUB.2020/9-P/Rev.1
cepal.docTypeRevistas
cepal.jelCodeE31
cepal.jelCodeF32
cepal.jelCodeO40
cepal.jobNumberRVI131_Lefort
cepal.physicalDescriptiongráficos., tablas.
cepal.regionalOfficeSantiago
cepal.sdg1
cepal.topicEngBALANCE OF PAYMENTS
cepal.topicEngECONOMETRICS
cepal.topicEngECONOMIC GROWTH
cepal.topicEngINFLATION
cepal.topicEngMACROECONOMICS
cepal.topicSpaBALANZA DE PAGOS
cepal.topicSpaCRECIMIENTO ECONÓMICO
cepal.topicSpaECONOMETRÍA
cepal.topicSpaINFLACIÓN
cepal.topicSpaMACROECONOMÍA
cepal.workareaEngECONOMIC DEVELOPMENT
cepal.workareaSpaDESARROLLO ECONÓMICO
dc.contributor.authorBustamante, Felipe
dc.contributor.authorGallardo, Bastián
dc.contributor.authorLe Fort Varela, Guillermo
dc.coverage.temporalEnd2015
dc.coverage.temporalStart1980
dc.date.accessioned2021-01-18T19:21:11Z
dc.date.available2021-01-18T19:21:11Z
dc.date.issued2020-08-31
dc.description.abstractIn this paper, we explore empirical relationships between sustained GDP growth and macroeconomic volatility, using World Economic Outlook data for the period 1980–2015, both in descriptive statistics and in fixed-effect panel regressions (IMF, 2016). The results debunk certain myths, such as those that maintain that more inflation generates more growth, that stabilization carries real costs, or that large inflows of foreign capital stimulate growth. We show that inflation has a tangible negative impact on growth and that there are “inflation thresholds”, beyond which that impact increases. Higher inflation is associated with greater nominal and real volatility, defined as cyclical output volatility. Furthermore, current account volatility contributes significantly to real volatility. Lastly, we show that real volatility has a negative impact on trend GDP growth and that macroeconomic volatility does not contribute to growth or well-being.
dc.formatTexto
dc.format.extentpáginas. 109-13
dc.format.mimetypeapplication/pdf
dc.identifier.unSymbolLC/PUB.2020/9-P/Rev.1
dc.identifier.urihttps://hdl.handle.net/11362/46590
dc.language.isoeng
dc.physicalDescriptionp. 109-132: gráfs., tabls.
dc.relation.isPartOfCEPAL Review
dc.relation.isPartOfNo131
dc.relation.isPartOfSeriesCEPAL Review
dc.relation.translationLanguagespa
dc.relation.translationRecordEstabilidad macroeconómica y crecimiento económico: mitos y realidades
dc.relation.translationUrihttps://hdl.handle.net/11362/45956
dc.rights.coarDisponible
dc.titleMacroeconomic stability and economic growth: myths and realities
dc.type.coarartículo
dspace.entity.typePublication
relation.isAuthorOfPublication482c093e-725e-4827-a303-826a869346f9
relation.isAuthorOfPublication2e455c7e-5aea-4c39-9ae9-6c1e5852130f
relation.isAuthorOfPublication7c659238-9039-48c4-afee-3e8a7dc9d5bf
relation.isAuthorOfPublication.latestForDiscovery482c093e-725e-4827-a303-826a869346f9
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