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MŰHELYTANULMÁNYOK DISCUSSION PAPERS
MT-DP – 2009/11
Inflation, Investment and Growth:
a Money and Banking Approach
MAX GILLMAN ─ MICHAL KEJAK
INSTITUTE OF ECONOMICS, HUNGARIAN ACADEMY OF SCIENCES
BUDAPEST, 2009
Discussion papers
MT-DP – 2009/10
Institute of Economics, Hungarian Academy of Sciences
KTI/IE Discussion Papers are circulated to promote discussion and provoque comments.
Any references to discussion papers should clearly state that the paper is preliminary.
Materials published in this series may subject to further publication.
Inflation, Investment and Growth: a Money and Banking Approach
Max Gillman
Professor
Cardiff Business School
Cardiff University
Research Associate
Institute of Economics, Hungarian Academy of Sciences
E-mail: gillmanm@cf.ac.uk
Michal Kejak
Associate Professor
The Center for Economic Research and Graduate Education
of Charles University (CERGE EI)
E-mail: Michal.Kejak@cerge-ei.cz
June 2009
ISBN 978 963 9796 62 1
ISSN 1785 377X
Inflation, Investment and Growth:
a Money and Banking Approach
Max Gillman ─ Michal Kejak
Abstract
Output growth, investment and the real interest rate in long run evidence tend to be
negatively affected by inflation.
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