Besteuerung und Inflation hatten kurz- und langfristig einen negativen Effekt auf die totale Faktorproduktivität. Kurzfristige negative Wirkungen gingen zusätzlich von der Zahl der Einwanderer und von der Investitionsrate für den Maschinenpark aus. Damit kann die abnehmende Wachstumsrate des...

The currency substitution and indexation infrastructure that has prevailed in Israel for over five decades had its inception before the onset of a major inflationary episode and included only minor and short-lived incidents of outright dollarisation. The present paper suggests that portfolio...

Using quarterly data from 1970-1987 we estimate a simple econometric model in which inflation and the money supply are jointly determined and in which expectations of inflation are rational, or forward-looking. The model is estimated using the recently developed `cointegration' principle in...