Asymmetry in the U.S. Output-Inflation Nexus

International Monetary Fund. Research Dept.

doi:10.5089/9781451957099.024.A008

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IMF Staff papers, Volume 43 No. 1

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Volume:: 43
Series:: IMF Staff Papers
Author(s):: International Monetary Fund. Research Dept.
Publisher:: INTERNATIONAL MONETARY FUND
Published Date:: January 1996
DOI:: http://dx.doi.org/10.5089/9781451957099.024
ISBN:: 9781451957099
ISSN:: 1020-7635
Page:: 268

This paper extends a standard growth model and obtains consistent panel data estimates of the growth retarding effects of military spending via its adverse impact on capital formation and resource allocation. Simulation experiments suggest that a substantial long-term 'peace dividend'-in the form of higher capacity output-may result from markedly lower military expenditure levels achieved in most regions during the late 1980s, and the further military spending cuts that would be possible if global peace could be secured.

Staff Papers Vol 43 No 1 (March 1996)

Article

Asymmetry in the U.S. Output-Inflation Nexus

Author(s):: International Monetary Fund. Research Dept.
Published Date:: January 1996

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IMF Staff papers, Volume 43 No. 1

Asymmetry in the U.S. Output-Inflation Nexus

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