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Investigación económica
versión impresa ISSN 0185-1667
Inv. Econ vol.64 no.252 Ciudad de México abr./jun. 2005
Articles
Inflation and Investment in the United States
Inflación e inversión en Estados Unidos
* Professor of Economics, School of Business, Clarkson University, Potsdam, New York, USA. <atesoglu@clarkson.edu>.
In this article the empirical relation between inflation and investment spending IS examined using quarterly United States data. Findings indicate a positive cointegration relation between inflation and investment spending. The findings do not support the view that inflation hampers investment. The results suggest that, in the long-run, lowering of inflation may lead to a small reduction in real investment in the United States. These results raise doubts on arguments for low-inflation targeting policy view for the United States that are based on a negative relation between inflation and real investment.
En este artículo la relación empírica entre la inflación y el gasto de inversión son examinados usando los datos trimestrales de Estados Unidos. Los hallazgos indican una relación positiva de cointegración entre la inflación y el gasto de inversión; sin embargo, no apoyan el punto de vista de que la inflación impide la inversión. Los resultados sugieren que, en el largo plazo, una inflación más baja puede conducir a una pequeña disminución en la inversión real en Estados Unidos. Estos resultados levantan dudas sobre los argumentos de la política para la meta de baja inflación para Estados Unidos basados en una relación negativa entre la inflación y la inversión real.
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Received: June 2003; Accepted: October 2004