Gillman, Max; Kejak, Michal - Economics Section, Cardiff Business School - 2008
Output growth, investment and the real interest rate are all found empirically to be negatively affected by inflation … occurrence of all three negative inflation effects, on growth, investment and real interest rates, in a model calibrated to …. But a seeming puzzle arises of opposite Tobin-like inflation effects because theory indicates a negative Tobin effect when …