The paper presents a monetary model of endogenous growth and specifies an econometric model consistent with it. The economic model suggests a negative inflation-growth effect, and one that is stronger at lower levels of inflation. Empirical evaluation of the model is based on a large panel of...

We explore the implications of the differential behavior of total factor productivity across sectors for understanding the dynamics of the relative prices of services and manufactures. We find that, in the second half of the nineties, contrary to the assumptions of the Balassa-Samuelson...