اثرات تورم در اقتصاد - Amoozesh-Boors.com
اثرات تورم بر اقتصاد را می‌توان در مواردی همچون کاهش قدرت خرید، فشار بیشتر بر قشر کم درآمد، افزایش نرخ بهره، کاهش سرعت رشد اقتصادی، رکود و .
دفتر ملی پژوهش اقتصادی آمریکا
به گزارش <anchor>دفتر ملی پژوهش اقتصادی آمریکا</anchor> « تورم، سطح سرمایه گذاری تجاری و کارایی استفاده از فاکتورهای تولید را کاهش می‌دهد. بر اساس تحقیقات انجام شده در این زمینه می‌توان گفت، تورم در هیچ شرایطی فاکتوری خنثی نیست و نمی‌تواند منجر به رشد اقتصادی سریع شود. تورم بالا هرگز منجر به بالا رفتن درآمدها در بازه میان‌مدت و بلندمدت نمی‌شود.
Does Inflation Harm Economic Growth? | NBER
Does Inflation Harm Economic Growth? \| NBER[Skip to main content](#main-content)

[NBER: National Bureau of Economic Research](/)

- [Subscribe](/subscribe)
- [Media](/media)
- [Open Calls](/calls-papers-and-proposals)

Search

- Research






[EXPLORE Research](/research "This is a link to the research page")

- Findings  - [Working Papers](/papers)
  - [Books & Chapters](/books-and-chapters)
  - [Lectures](/research/lectures)
  - [Research Spotlights](/research-spotlights)
- Periodicals  - [The Digest](/digest)
  - [The Reporter](/reporter)
  - [The Bulletin on Retirement and Disability](/brd)
  - [The Bulletin on Health](/bh)
  - [The Bulletin on Entrepreneurship](/be)
  - [The Bulletin on Aging & Health Archives](/bah)
- Data & Business Cycles  - [Boston Research Data Center](/research/boston-research-data-center)
  - [Business Cycle Dating](/research/business-cycle-dating)
  - [Public Use Data Archive](/research/data)
- [All Topics](/research/topics)  - [Taxation](/topics/taxation)
  - [Unemployment and Immigration](/themes/immigration/immigrationsummary.shtml?page=1&perPage=50)
  - [Energy](/taxonomy/term/681)
  - [Entrepreneurship](/topics/entrepreneurship)
  - [Trade](/taxonomy/term/481)

- Programs & Projects






[EXPLORE Programs & Projects](/programs-projects)

- [Programs](/programs-projects/programs-working-groups)  - [Economics of Aging](/programs-projects/programs-working-groups/economics-aging)
  - [Asset Pricing](/programs-projects/programs-working-groups/asset-pricing)
  - [Children and Families](/programs-projects/programs-working-groups/children-and-families)
  - [Corporate Finance](/programs-projects/programs-working-groups/corporate-finance)
  - [Development Economics](/programs-projects/programs-working-groups/development-economics)
  - [Development of the American Economy](/programs-projects/programs-working-groups/development-american-economy)
  - [Economic Fluctuations and Growth](/programs-projects/programs-working-groups/economic-fluctuations-and-growth)
  - [Economics of Education](/programs-projects/programs-working-groups/economics-education)
  - [Economics of Health](/programs-projects/programs-working-groups/economics-health)
  - [Environment and Energy Economics](/programs-projects/programs-working-groups/environment-and-energy-economics)
  - [Industrial Organization](/programs-projects/programs-working-groups/industrial-organization)
  - [International Finance and Macroeconomics](/programs-projects/programs-working-groups/international-finance-and-macroeconomics)
  - [International Trade and Investment](/programs-projects/programs-working-groups/international-trade-and-investment)
  - [Labor Studies](/programs-projects/programs-working-groups/labor-studies)
  - [Law and Economics](/programs-projects/programs-working-groups/law-and-economics)
  - [Monetary Economics](/programs-projects/programs-working-groups/monetary-economics)
  - [Political Economy](/programs-projects/programs-working-groups/political-economy)
  - [Productivity, Innovation, and Entrepreneurship](/programs-projects/programs-working-groups/productivity-innovation-and-entrepreneurship)
  - [Public Economics](/programs-projects/programs-working-groups/public-economics)
- [Working Groups](/programs-projects/programs-working-groups#Groups)  - [Behavioral Finance](/programs-projects/programs-working-groups%23Groups/behavioral-finance)
  - [Chinese Economy](/programs-projects/programs-working-groups%23Groups/chinese-economy)
  - [Cohort Studies](/programs-projects/programs-working-groups%23Groups/cohort-studies)
  - [Economics of Crime](/programs-projects/programs-working-groups%23Groups/economics-crime)
  - [Entrepreneurship](/programs-projects/programs-working-groups%23Groups/entrepreneurship)
  - [Gender in the Economy](/programs-projects/programs-working-groups%23Groups/gender-economy)
  - [Household Finance](/programs-projects/programs-working-groups%23Groups/household-finance)
  - [Innovation Policy](/programs-projects/programs-working-groups%23Groups/innovation-policy)
  - [Insurance](/programs-projects/programs-working-groups%23Groups/insurance)
  - [Market Design](/programs-projects/programs-working-groups%23Groups/market-design)
  - [Organizational Economics](/programs-projects/programs-working-groups%23Groups/organizational-economics)
  - [Personnel Economics](/programs-projects/programs-working-groups%23Groups/personnel-economics)
  - [Race and Stratification in the Economy](/programs-projects/programs-working-groups%23Groups/race-and-stratification-economy)
  - [Urban Economics](/programs-projects/programs-working-groups%23Groups/urban-economics)
- [All Projects & Centers](/programs-projects/projects-and-centers)  - [Boosting Grant Applications from Faculty at MSIs](/programs-projects/projects-and-centers/boosting-grant-applications-faculty-msis)
  - [Center for Aging and Health Research](/programs-projects/projects-and-centers/center-aging-and-health-research)
  - [Conference on Research in Income and Wealth](/programs-projects/projects-and-centers/conference-research-income-and-wealth)
  - [Early Indicators of Later Work Levels, Disease and Death](/programs-projects/projects-and-centers/Early%20Indicators%20of%20Later%20Work%20Levels%2C%20Disease%20and%20Death)
  - [Economics of Digitization](/programs-projects/projects-and-centers/economics-digitization)
  - [Financial Frictions and Systemic Risk](/programs-projects/projects-and-centers/financial-frictions-and-systemic-risk)
  - [Improving Health Outcomes for an Aging Population](/programs-projects/projects-and-centers/improving-health-outcomes-aging-population)
  - [Macroeconomics Annual](/programs-projects/projects-and-centers/annual-conference-macroeconomics)
  - [Measuring the Clinical and Economic Outcomes Associated with Delivery Systems](/programs-projects/projects-and-centers/measuring-clinical-and-economic-outcomes-associated-delivery-systems)
  - [Oregon Health Insurance Experiment](/programs-projects/projects-and-centers/oregon-health-insurance-experiment)
  - [Retirement and Disability Research Center](/programs-projects/projects-and-centers/retirement-and-disability-research-center)
  - [The Roybal Center for Behavior Change in Health](/programs-projects/projects-and-centers/nber-roybal-center-behavior-change-health)
  - [Science of Science Funding](/programs-projects/projects-and-centers/science-science-funding)
  - [Training Program in Aging and Health Economics](/programs-projects/projects-and-centers/training-program-aging-and-health-economics)
  - [Transportation Economics in the 21st Century](/programs-projects/projects-and-centers/transportation-economics-21st-century)

- Conferences






[EXPLORE Conferences](/conferences)

- [Summer Institute](/summer-institute)
- [Lectures](/research/lectures)

- [Affiliated Scholars](/affiliated-scholars)
- NBER News






[EXPLORE NBER News](/nber-news)

- [Research in the News](/nber-research-news)
- [Nobel Laureates](/nber-news/nobel-laureates)
- [Featured Working Papers Archive](/nber-news/featured-working-papers-archive)

- Career Resources






[EXPLORE Career Resources](/career-resources)

- [RA Positions – at NBER](/career-resources/research-assistant-positions-nber)
- [RA Positions – not at the NBER](/career-resources/research-assistant-positions-not-nber)
- [Staff Positions at NBER](/career-resources/staff-positions-nber)
- [Calls for Fellowship Applications](/career-resources/calls-fellowship-applications)
- [Current Fellowship Recipients](/career-resources/postdoctoral-and-graduate-fellows-academic-year-2024-25)

- About






[EXPLORE About](/about-nber)

- [Leadership & Governance](/about-nber/leadership-governance)
- [Support & Funding](/about-nber/support-funding)
- [History](/about-nber/history)
- [Standards of Conduct](/about-nber/standards-conduct)
- [Staff](/about-nber/nber-staff)

- [Subscribe](/subscribe)
- [Media](/media)
- [Open Calls](/calls-papers-and-proposals)

Search

- [Home](/)
- [Research](/research)

[The Digest](/digest)

A free monthly publication featuring non-technical summaries of research on topics of broad public interest.

[Subscribe](https://my.nber.org/email_preferences#digest)

Share

[X](#share_twitter "Twitter") [LinkedIn](#share_linkedin "LinkedIn") [Email](mailto:?subject=Does Inflation Harm Economic Growth?&body=https://www.nber.org/digest/dec97/does-inflation-harm-economic-growth "Email")

# Does Inflation Harm Economic Growth?

12/01/1997

Summary of
[working paper 6062](/papers/w6062)

> Inflation not only reduces the level of business investment, but also the efficiency with which productive factors are put to use.

Since 1984, inflation control has become the unquestioned mantra of economic policymakers worldwide. Even a whisper of "the I-word" by Alan Greenspan in the financial press creates havoc in global stock markets. Based in part on the 1973 to 1984 period of macroeconomic distress experienced by OECD countries, when inflation reached an average rate of 13 percent, monetary policymakers have assumed that faster sustainable growth can only occur in a climate where the inflation monster is tamed.

Unfortunately, there has been a shortage of research conducted to support this intuitive belief. In an attempt to correct this, an NBER Working Paper by **Javier Andrés** and **Ignacio** **Hernando** analyzes the correlation between growth and inflation in OECD countries during the 1960-92 period. In **Does Inflation Harm Economic Growth? Evidence for the OECD** [(NBER Working Paper No. 6062)](http://papers.nber.org/papers/W6062), Andrés and Hernando find that even low or moderate inflation rates (as we have witnessed within the OECD) have a temporary negative impact on growth rates, leading to significant and permanent reductions in per capita income. A reduction in inflation of even a single percentage point leads to an increase in per capita income of 0.5 percent to 2 percent.

As the authors point out, their analysis leaves little room for interpretation. Inflation is not neutral, and in no case does it favor rapid economic growth. Higher inflation never leads to higher levels of income in the medium and long run, which is the time period they analyze. This negative correlation persists even when other factors are added to the analysis, including the investment rate, population growth, schooling rates, and the constant advances in technology. Even when the authors factor in the effects of supply shocks characteristic of a part of the analyzed period, there is still a significant negative correlation between inflation and growth.

Inflation not only reduces the level of business investment, but also the efficiency with which productive factors are put to use. The benefits of lowering inflation are great, according to the authors, but also dependent on the rate of inflation. The lower the inflation rate, the greater are the productive effects of a reduction. For example, reducing inflation by one percentage point when the rate is 20 percent may increase growth by 0.5 percent. But, at a 5 percent inflation rate, output increases may be 1 percent or higher. It is therefore more costly for a low inflation country to concede an additional point of inflation than it is for a country with a higher starting rate. Given their detailed analysis, the authors conclude that "efforts to keep inflation under control will sooner or later pay off in terms of better long-run performance and higher per capita income."

## Related

### Researchers

[Javier Andrés](/people/javier_andres)

[Ignacio Hernando](/people/ignacio_hernando)

### Topics

[Macroeconomics](/topics/macroeconomics)

[Business Cycles](/taxonomy/term/461)

[International Economics](/topics/international-economics)

[International Macroeconomics](/taxonomy/term/496)

### Programs

[Monetary Economics](/programs-projects/programs-working-groups/monetary-economics)

### Articles

[Program Report: Monetary Economics, 2014](/reporter/2014number1/program-report-monetary-economics-2014)

[Program Report: Monetary Economics, 2007](/reporter/2007number2/program-report-monetary-economics-2007)

[Program Report: Monetary Economics, 2003](/reporter/spring-2003/program-report-monetary-economics)

NBER periodicals and newsletters may be reproduced freely with appropriate attribution.

## More from NBER

In addition to [working papers](/papers "Working Papers"), the NBER disseminates affiliates’ latest findings through a range of free periodicals — the [NBER Reporter](https://www.nber.org/reporter), the [NBER Digest](https://www.nber.org/digest), the [Bulletin on Retirement and Disability](https://www.nber.org/bulletin-retirement-and-disability), the [Bulletin on Health](https://www.nber.org/bulletin-health), and the [Bulletin on Entrepreneurship](https://www.nber.org/bulletin-entrepreneurship ) — as well as online [conference reports](/conferences "Conferences"), [video lectures](/research/lectures "Lectures"), and [interviews](/research-spotlights "Research Spotlights").

![2024, 16th Annual Feldstein Lecture, Cecilia E. Rouse," Lessons for Economists from the Pandemic" cover slide](/sites/default/files/styles/promo/public/2024-07/SI%202024%20Martin%20Feldstein.png?itok=iMIwiSar)

[2024, 16th Annual Feldstein Lecture, Cecilia E. Rouse," Lessons for Economists from the Pandemic"](/lecture/2024-16th-annual-feldstein-lecture-cecilia-e-rouse-lessons-economists-pandemic)

- Lecture

Cecilia Rouse, president of the Brookings Institution and a professor at Princeton University, who chaired the Council...

![ 2024 Methods Lecture, Susan Athey, "Analysis and Design of Multi-Armed Bandit Experiments and Policy Learning"](/sites/default/files/styles/promo/public/2024-08/SI%202024%20Methods%20Lectures%20Susan.png?itok=iTgJuRt6)

[2024 Methods Lecture, Susan Athey, "Analysis and Design of Multi-Armed Bandit Experiments and Policy Learning"](/lecture/2024-methods-lecture-susan-athey-analysis-and-design-multi-armed-bandit-experiments-and-policy)

- Lecture

SlidesBackground Materials:backgroundAthey, Susan, Undral Byambadalai, Vitor Hadad, Sanath Kumar Krishnamurthy, Weiwen...

![2024, Economics of Social Security Panel, "Earnings Inequality and Payroll Tax Revenues"](/sites/default/files/styles/promo/public/2024-07/SI%202024%20Economics%20of%20Social%20Security%20%282%29.png?itok=hhVwHDbp)

[2024, Economics of Social Security Panel, "Earnings Inequality and Payroll Tax Revenues"](/lecture/2024-economics-social-security-panel-earnings-inequality-and-payroll-tax-revenues)

- Lecture

© 2023 National Bureau of Economic Research. Periodical content may be reproduced freely with appropriate attribution.

National Bureau of Economic Research

[Contact Us](/contact-nber)

1050 Massachusetts Avenue

Cambridge, MA 02138

[617-868-3900](tel:+16178683900)

[info@nber.org](mailto:info@nber.org)

[webaccessibility@nber.org](mailto:webaccessibility@nber.org)

- [Homepage](/)

- [Accessibility Policy](/about-nber/website-accessibility-policy)
- [Diversity Policy](/nber-diversity-policy-statement)
- [Privacy Policy](/about-nber/nber-website-privacy-policy)

Follow

- [Follow us on X](https://twitter.com/nberpubs)
- [Connect with us on LinkedIn](https://www.linkedin.com/company/national-bureau-of-economic-research)
- [Like us on Facebook](https://www.facebook.com/pages/National-Bureau-of-Economic-Research/115165771829285)
- [Follow us on Youtube](https://www.youtube.com/nbervideos)

© 2024 National Bureau of Economic Research. All Rights Reserved.