The Indian inflation–growth relationship revisited: robust evidence from time–frequency analysis

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dc.contributor.authorTiwari, kumar.A
dc.contributor.authorOlayeni, Richard.O
dc.contributor.authorOlofin, Adejonwo.S
dc.contributor.authorChang, Tsangyao
dc.date.accessioned2023-05-13T16:35:10Z
dc.date.available2023-05-13T16:35:10Z
dc.date.issued2019-06-03
dc.descriptionTaylor and francis, pages;1-18.en_US
dc.description.abstractThis article re-visits the inflation–growth nexus in India using the tools of wavelet, i.e. wavelet correlation, wavelet cross-correlation and scale by scale Granger causality test. Wavelet crosscorrelation analysis shows that at the shortest scales inflation and economic growth were independent; at medium scales, there exists feedback effect; and at higher scales, only economic growth is leading to inflation. Furthermore, we find: (a) high and increasing dependence between inflation and economic growth, particularly after mid-2002; (b) high-frequency components of economic growth Granger-cause low-frequency component of CPI-based inflation and vice-versa, and at all scales economic growth Granger-cause inflation at scales of 4–6 and no evidence of causality was detected from WPI-based inflation to economic growth; (c) results indicate that there is no long-run causal link between inflation and economic growth. This study presents new insights for policymakers to sustain economic development by using inflation as an economic tool in India.en_US
dc.identifier.urihttps://ir.oauife.edu.ng/123456789/5290
dc.language.isoenen_US
dc.publisherTaylor and Francis groupen_US
dc.subjectInflation-growth; nexus; time-frequency relationship; wavelet cross-correlation; Indiaen_US
dc.titleThe Indian inflation–growth relationship revisited: robust evidence from time–frequency analysisen_US
dc.typeJournalen_US
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