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Indexation and the Effect of Inflation Uncertainty on Real GNP

A Steven Holland
The Journal of Business
Vol. 61, No. 4 (Oct., 1988), pp. 473-484
Stable URL: http://www.jstor.org/stable/2352792
Page Count: 12
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Indexation and the Effect of Inflation Uncertainty on Real GNP
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Abstract

This article examines the combined effects of inflation uncertainty and indexation on the growth rate of real GNP. The evidence suggests that greater indexation partially reduces the adverse effect of inflation uncertainty on real GNP growth over time. It also indicates that, in contrast to earlier findings regarding the effect of inflation uncertainty on employment, the overall effect of inflation uncertainty on real GNP growth may be permanent. A preliminary assessment of whether the discrepancy is the result of inflation uncertainty permanently affecting the growth rate of the capital stock is inconclusive.

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