According to the study of Awogbemi, C.A. and Taiwo, J. K.

, (2012), this research work examined the

causes and effects of inflation in Nigeria between 1969 and 2009 and what could be done to ameliorate
the negative effects on the economy. The time series variables properties on some selected variables
were examined using Augmented Dickey Fuller (ADF) Unit root test and cointegration analysis. The
result revealed that the explanatory variables (money supply, growth rates, gross domestic product
growth rates and expenditure revenue ratio) are not spurious but exchange rate of dollar to naira was
non stationary. The study also revealed that the gross domestic product growth rate is counter
inflationary as against inflationary factors (Awogbemi, A.C. and Taiwo, J. K., 2012).

In accordance to Taylor, J.B. (2000), “Recently there has been a significant decline in the degree to which
firms ‘pass through’ changes in costs to prices, a decline that is frequently characterized as a reduction
in the ‘pricing power’ of firms. The decline appears to be associated with the decline in inflation in many
countries. The decline has important implications for monetary policy because it affects both forecasts
of inflation and the effects of changes in monetary policy on inflation. Some have argued that the
decline in pricing power helped to keep inflation low in the face of apparently strong demand pressures
in the United States in the late 1990s. This paper puts forth the view that the decline in pass-through or
pricing power is due to the low inflation environment that has recently been achieved in many
countries. First, a microeconomic model of price setting is used to show that lower pass-through is
caused by lower perceived persistence of cost changes. Evidence is then presented showing that
inflation is positively correlated with persistence of inflation, suggesting that the low inflation itself has
caused the low pass-through. An economy-wide model consistent with the micromodel is then
presented to illustrate how such changes in pricing power affect output and inflation dynamics in
favorable ways, but can disappear quickly if monetary policy and expectations change.” (Taylor, J.B.,
2000)

According to Cheng, M.Y. and Tan, H.B. (2002), Maintaining a low and stable inflation rate has become
one of the challenges in the macroeconomic management of most countries. Among others, Malaysia
has a very unique experience in terms of inflation. The economy has experienced episodes of high
(1973‐1974, 1980‐1981) and low (1985‐1987) regimes of inflation, and was able to contain low and
stable inflation during the high economic growth period of 1988‐1996. The objective of this study is to
identify important factors that contribute significantly to inflation in Malaysia. This study also aimed to
examine the possible existence of international and intra‐ASEAN inflation transmission to Malaysia. The
analysis is carried out based on the time‐series approach of multivariate cointegration, vector error‐
correction modeling, impulse response functions and variance decompositions. The empirical results of
this study show that external factors such as exchange rate and the rest of ASEAN’s inflation are
relatively more important than domestic factors in explaining Malaysian inflation (Cheng, M.Y. and Tan,
H.B., 2002).

According to Mishkin, F.S. (1984), This paper attempts to provide a perspective on the causes of inflation
by exploring why eustained inflations occur and the role of monetary policy in the inflation process. The
conclusion reached in this paper is that in the last ten years there has been a convergence of views in
the economics profession on the causes of inflation. As long as inflation is appropriately defined to be a
sustained inflation, nacro— economic analysis, whether of the monetarist or Keynesian persuasion,
leads to agreement with Milton Friedman's famous dictum, "Inflation is always and everywhere a
monetary phenomenon." However, the conclusion that inflation is a monetary phenomenon does not
settle the issue of what causes inflation because we also need to understand why inflationary monetary
policy occurs1 This paper also examines this issue and it finds that the underlying cause of inflation in
the United States has been accommodating monetary policy geared to achieving a high employment
target. The role of expectations has been important in the inflationary process so that to prevent the
resurgence of inflation at a minimum cost in terms of unemployment and output loss, monetary policy
must be both non—accommodating and credible (Miskin, F.S., 1984).

According to Asogu, J.O. (1991), In this econometric revisitation of inflation in Nigeria, an extensive
review of the literature and evidence has been attempted culminating in a specification of the various
alternative hypotheses on the causes of inflation. While not ruling out the validity of several theories of
inflation in the Nigerian situation, empirical evidence indicates that increases in real domestic produce
or supply situation, especially food, and law cost of production of consumables, tended to ameliorate
inflation. On the other hand, increases in government expenditure, especially deficits, tend to increase
the money supply and worsen depreciation of the exchange rate, which in turn intensify the inflationary
pressure. Bringing together these conclusions, the study emphasises the need for fiscal discipline
including prunning dawn deficit financing, intensification of restructuring measures that would enhance
output and productivity in the domestic economy. These measures need to be complemented with a
more pragmatic exchange rate policy that would stem capital flight and encourage more investment in
the Nigerian economy.

According to Kibritçioğlu, A. (2001), Turkey has experienced high and persistent inflation for more
than twenty years. This chapter attempts firstly to survey the extremely broad literature on theories
of inflation, in order to be able to classify, understand and discuss the dynamics of inflation more
carefully. In this chapter, it is mainly argued that inflation may be interpreted as a net result of
sophisticated and continuous interactions of demand-side (or monetary) shocks, supply-side (or real)
shocks, price-adjustment (or inertial) factors and political processes (or institutional factors). The
second aim of the chapter is to compare the existing empirical studies on Turkish inflation, by
considering their sample period, data frequency, empirical methods, modeled macroeconomic
variables and main results. Most of the studies reviewed here seem to have focused primarily on
demand-side determinants (e. g., monetary growth and budget deficits), and partially on some
supply-side factors (e. g., nominal exchange rates and oil prices). On the other hand, the
components, degree and effects of inflation inertia need to be investigated in more detail. In the
future, the modeling attempts of the inflationary dynamics in Turkey would profit from the so-called
"new political macroeconomics" because the role of the political process and institutions is not a
weak explanatory factor of Turkish inflation that is easily ignored (Kibritçioğlu, A., 2001).

According to Tarkom, A. and Ujah, N.U. (2023), This study investigates the effect of inflation and interest
rate on firm efficiency while exploring the role of policy uncertainty. Not a misnomer, macroeconomic
conditions matter, and their impact on business strategy are inherently observed directly or indirectly.
Yet, there is still a shortage of literature relating inflation and interest rate through the moderating
effect of policy uncertainty on firm efficiency. With 92,293 observations from 12,207 US firms, we find
that inflation positively affects firm efficiency, and interest rate negatively affects firms’ efficiency.
Similarly, the moderating effect of policy uncertainty amplifies the significance of inflation and interest
rate. Further examination of the moderating impact finds a positive directionality for both
macroeconomic conditions for larger firms, firms that pay dividends, firms with a higher cost of goods
and services and higher sales, and firms located in the Midwest region. The results are robust to firm-
year fixed effects and clustering approaches (Tarkom, A. and Ujah, N.U., 2023).
According to De Carvalho, A.R. et al. (2017), This paper studies the relation between inflation and
economic development. The literature is largely silent regarding both the theoretical and empirical
perspectives that undeveloped countries endure higher average inflation than developed economies.
We present a simple theoretical model linking the inflation phenomenon to the tradition of
development economics. Empirical evidence is garnered to test the hypothesis that economic
development engenders a downward bias to inflation rates. Through the feasible-GLS estimator in a
panel of 65 countries from 2001 to 2011, we aim at listing a number of variables most commonly used
to explain differences in the stage of economic development across countries and identifying the most
statistically relevant ones to account for differences in inflationary patterns. While our results show that
inflation is inversely correlated with the level of the technological content of the economy (measured by
share of high-tech exports), human capital and cyclical unemployment, it is directly related to the
degree of inflation persistence and terms of trade growth. However, our findings still present an inverse
and low correlation between inflation persistence and economic development, implying that
development-sensitive variables allowed into the model can only partially account for the differences in
inflation at different levels of economic development (De Carvalho, A.R. et al, 2017).

According to Kilian, L. and Zhou, X. (2022), The sustained increase in oil and gasoline prices since mid-
2020 has raised fears of persistently high U.S. inflation for years to come and rising inflation
expectations, along with concerns about the emergence of a wage-price spiral. Using data through May
2022, we show that these concerns have been overstated. There is no evidence that gasoline price
shocks have moved long-run household inflation expectations or that the inflationary effect of gasoline
price shocks is persistent. The short-run effects on headline inflation are sizable, but have accounted for
only a small fraction of overall inflation. For example, on a year-over-year basis, gasoline price shocks
are expected to raise headline PCE inflation by 1.9 percentage points at the end of 2022 and by 0.8
percentage points at the end of 2023, under the assumption that the price of oil remains at $110/barrel
after May 2022. In contrast, the impact on core PCE inflation in 2022 and 2023 is only 0.3 percentage
points each. These estimates already account for increases in inflation expectations. The peak impact on
1-year household inflation expectations is 0.7 percentage points, while that on 5-year expectations is
only 0.15 percentage points (Kilian, L. and Zhou, X., 2022).
According to Yanescha, N.Y.P. (2022), Inflation is the most important indicator of the economy, and the
exchange rate always tries to be lower and stay stable. If the levels are going high and become unstable,
that will reflect a general and continuous increase in the prices of goods and services, weakening
purchasing power of the population and thereby reducing national income. As a result, the inflation rate
must be under control, and the recent growth curve is visible. This study aims to analyze the factors that
affect inflation in Indonesia for the 2015-2020 period and uses the Engel Granger (ECM) model error
correction test to learn about the effect of variables such as currency supply and demand, interest rates
and rate of exchange on inflation. The results conclude that it has a positive and significant effect on the
inflation rate in Indonesia. At the same time, the Rupiah money supply is positive and insignificant
compared to Indonesia’s inflation rate (Yanescha, N.Y.P., 2022).

According to Kasidi, F. and Mwakanemela, K. (2013), Like several other countries both industrialised and
non-industrialised, one of the central objectives of macroeconomic policies in Tanzania is to promote
economic growth and to keep inflation at a low level. However, there has been substantial debate on
whether inflation promotes or harms economic growth. Motivated by this controversial, this study
examined the impact of inflation on economic growth and established the existence of inflation growth
relationship. Time-series data for the period 1990 -2011 were used to examine the impact of inflation on
economic growth. Correlation coefficient and co-integration technique established the relationship
between inflation and GDP and Coefficient of elasticity were applied to measure the degree of
responsiveness of change in GDP to changes in general price levels. Results suggest that inflation has a
negative impact on economic growth. The study also revealed that there was no co-integration between
inflation and economic growth during the period of study. No long-run relationship between inflation
and economic growth in Tanzania (Kasidi, F. and Mwakanemela, K., 2013).

According to Adaramola, A. O., & Dada, O. (2020), In an attempt to examine the influence of inflation on
the growth prospects of the Nigerian economy, the study employs the autoregressive distributed lag on
the selected variables, i.e. real gross domestic product (GDP), inflation rate, interest rate, exchange rate,
degree of economy`s openness, money supply, and government consumption expenditures for the
period 1980–2018. The study findings indicate that inflation and real exchange rate exert a significant
negative impact on economic growth, while interest rate and money supply indicate a positive and
significant impact on economic growth. Other variables in the model depict no influence on the
economic growth of Nigeria. The causality result shows the unidirectional relationships between interest
rate, exchange rate, government consumption expenditures and gross domestic product. However,
inflation and the degree of openness show no causal relationship with gross domestic product. As a
result, the study recommends that a more pragmatic effort is needed by the monetary authorities to
target the inflation vigorously to prevent its adverse effect by ensuring a tolerable rate that would
stimulate the economic growth of Nigeria (Adaramola, A. O., & Dada, O., 2020).

According to Osuala, A. E., Osuala, K. I., & Onyeike, S. C. (2013), The study was conducted to evaluate
the impact of inflation on economic growth in the context of an emerging market using empirical evidence
from Nigeria. Using time series data spanning forty one years (1970-2011) which was obtained from the
Central Bank of Nigeria (CBN) statistical bulletin volume 22, and Central Bank of Nigeria official website,
the nature of the relationship existing between the focus variables- economic growth (proxied by real
Gross Domestic Product, GDP) and inflation rate was explored. The Augmented Dickey Fuller (ADF) and
Philip-Perron (PP) tests were used to test for the stationarity of the variables while the granger causality
test was employed to ascertain the direction of influence between inflation and economic growth in
Nigeria. The results show that there exists a statistically significant positive relationship between inflation
and economic growth in Nigeria. However, there is no leading variable in the relation between inflation
and economic growth in Nigeria. And hence we conclude that the effect is contemporaneous. And since
there exists a positive relationship between inflation and economic growth in Nigeria, the “bad era of
double digit inflation rate” could be effectively utilized by the Nigeria government to erode the country’s
debt burden. In other words, instead of spending billions of naira in negotiation for “debt forgiveness”, the
government should “inflate away her debt” (Osuala, A. E., Osuala, K. I., & Onyeike, S. C., 2013).

According to Kryeziu, N., & Durguti, E. A. (2019), The main purpose of this study is to investigate inflation
rate and its impact on the growth rate or to GDP growth for Eurozone countries, using panel data for the
period 1997-2017, on an annual basis with a total of 257 observations. For conducting the study, and
achieving results, a multiple linear regression model with the least squares regression is used. Moreover,
multiple linear regression analysis has been applied in order to investigate whether Inflation rate, as an
independent variable, has any significant impact on economic growth. Consequently, in order to test the
data used in the model we have applied diagnostic tests, such as Durbin-Watson test to analyze the
correlation of serial correlation, as well as the Breusch-Pagan test for heteroskedasticity. The tests’
results give us strong indications that the model has no relation between of serial correlation and there is
no heteroskedasticity either. The study conducted shows results generated from the model, and
according to the econometric results indicate that Inflation rate has positive impact on the economic
growth rate for euro area (Kryeziu, N., & Durguti, E. A., 2019).

According to Bick, A. (2010), This paper introduces a generalized panel threshold model by allowing for
regime intercepts. The empirical application to the relation between inflation and growth confirms that the
omitted variable bias of standard panel threshold models can be statistically and economically significant
(Bick, A., 2010).

According to Enejoh, S. Y., & Tsauni, A. M. (2017), Inflation discourages savings and investment, it

favours debtors at the expense of creditors, fixed income earners are worse off during inflation and it
leads to unfavourable balance of payment as the export becomes dearer while import becomes
cheaper. The objective of this paper is to analyse the impact of inflation on economic growth in Nigeria
for the period 1970 to 2016. The unit root properties of the series were tested. The result shows that
the variables are I(0) and I(1). Therefore, the paper employed ARDL approach to co-integration and error
correction mechanism (ECM) to test both the short and long run impact of inflation on economic
growth. The result shows that inflation and foreign exchange have positive impact on economic growth
both in the short and long run. The impact of foreign exchange on economic growth became negative at
lag 1 and 2 in the short run. The model is free from auto correlation and heteroscedasticity and the
model is stable. The Granger causality shows that inflation and foreign exchange rates do not Granger
cause economic growth. The paper recommends inflationary targeting at single digit ( Enejoh, S. Y., &
Tsauni, A. M., 2017).

According to Akter, F., & Smith, D. S. (2021), This study intends to explore the causal relationship
between inflation and economic growth in Malaysia over the period of 1961-2019. Inflation is crucial for
economic growth of a country. The authors try to identify the short-run and long-run relationship
between inflation and economic growth through Vector Error Correction Model and Vector Auto-
regression Model, respectively. The results are like the previous studies. There exists negative
association between the GDP growth and inflation in the short run but positive correlation in the long
run. The Granger Causality test revealed there also exists bidirectional relationship between these two
variables. The results conclude that inflation does not granger cause GDP growth. However, it also
reveals that GDP growth does not cause granger to cause inflation as well. The results can be helpful for
the policy makers and researchers for future study ( Akter, F., & Smith, D. S., 2021).

According to Smith S. (2021), This paper uses annual data from 1987-2019 to investigate the causal
relationship between inflation and economic growth in Bangladesh. The study uses Vector Error
Correction Model and Vector Auto-regression Model identifies the short-run and long-run relationship
between inflation and economic development. The study concludes that inflation negatively affects the
GDP in the short run but maybe a positive association in the long run. Granger Causality test was also
performed to calculate the bidirectional relationship. The examination revealed that that inflation does
not granger cause GDP growth. However, it also shows that GDP growth does not cause granger to
cause inflation as well (Smith, S., 2021).

According to Banawa, M. X., et al. (2015), Inflation is an important macroeconomic indicator that affects
many aspects in the economy such as GDP, wages and more importantly prices. The relationship
between inflation and stock prices has yet to be estimated using an advanced econometric technique
such as the Vector Error Correction Model (VECM). This study made use of CPI and PSEi data from the
National Statistical Coordination Board (NSCB) for the years 2006-2014. The study was able to prove that
there exists a strong positive relationship flowing from inflation to stock prices both in the short and
long run within the context of the Philippine economy, while stock prices seem to have an insignificant
effect on the volatility of inflation for both short and long run. The study reveals that a 1% appreciation
of inflation rate is likely to increase stock prices by 5.947758% especially in the long run ( Banawa, M. X.,
et al., 2015).

According to Lubbock, K. J., Merin, M., & Gonzalez, A. (2022), This study aims to investigate the impacts
of inflation, unemployment, and population growth on Philippine economic growth over the period of 1991
to 2020. The data of this study was obtained from the World Bank Open Data. To investigate the impact
of the following variables, the researchers will be employing the following tests: a.) Unit Root Test and b.)
Johansen Cointegration Test. The findings of this study reveal that The Ordinary Least Square (OLS)
results suggest that inflation has a positive impact on economic growth. Meanwhile, unemployment and
population growth indicate a negative impact on economic growth. The Unit Root Test confirms that
unemployment, population growth, and economic growth are non-stationary while inflation happens to be
stationary. However, the 1st difference shows unemployment, population growth, and economic growth
became stationary through the Augmented Dickey-Fuller Test. Further, Johansen’s Cointegration Test
result shows that the variables are cointegrated, and there is an existence of a long-run relationship (to
Lubbock, K. J., Merin, M., & Gonzalez, A., 2022).

According to Kryeziu, N., & Durguti, E. A. (2019), The main purpose of this study is to investigate inflation
rate and its impact on the growth rate or to GDP growth for Eurozone countries, using panel data for the
period 1997-2017, on an annual basis with a total of 257 observations. For conducting the study, and
achieving results, a multiple linear regression model with the least squares regression is used. Moreover,
multiple linear regression analysis has been applied in order to investigate whether Inflation rate, as an
independent variable, has any significant impact on economic growth. Consequently, in order to test the
data used in the model we have applied diagnostic tests, such as Durbin-Watson test to analyze the
correlation of serial correlation, as well as the Breusch-Pagan test for heteroskedasticity. The tests’
results give us strong indications that the model has no relation between of serial correlation and there is
no heteroskedasticity either. The study conducted shows results generated from the model, and
according to the econometric results indicate that Inflation rate has positive impact on the economic
growth rate for euro area (Kryeziu, N., & Durguti, E. A., 2019).

According to Umaru, A., & Zubairu, A. A. (2012), This paper investigates the impact of inflation on
economic growth and development in Nigeria between 1970- 2010 through the application of
Augmented Dickey-Fuller technique in testing the unit root property of the series and Granger causality
test of causation between GDP and inflation. The results of unit root suggest that all the variables in the
model are stationary and the results of Causality suggest that GDP causes inflation and not inflation
causing GDP. The results also revealed that inflation possessed a positive impact on economic growth
through encouraging productivity and output level and on evolution of total factor productivity. A good
performance of an economy in terms of per capita growth may therefore be attributed to the rate of
inflation in the country. A major policy implication of this result is that concerted effort should be made
by policy makers to increase the level of output in Nigeria by improving productivity/supply in order to
reduce the prices of goods and services (inflation) so as to boost the growth of the economy. Inflation
can only be reduced to the barest minimum by increasing output level (GDP) ( Umaru, A., & Zubairu, A.
A., 2012).
According to Iacoviello, M., & Navarro, G. (2012),
It is widely believed that price stability promote long-term economic growth, whereas high inflation is
inimical to growth. This paper utilized a quarterly time series data for the period 1981 - 2009 to
estimate a threshold level of inflation for Nigeria. Using a threshold regression model developed by
Khan and Senhadji (2001), the study estimated a threshold inflation level of 13 per cent for Nigeria.
Below the threshold level, inflation has a mild effect on economic activities, while above it, the
magnitude of the negative effect of inflation on growth was high. The negative and significant
relationship between inflation and economic growth for inflation rates both below and above the
threshold level is robust with respect to changes in econometric methodology, additional explanatory
variables and changes in data frequency. These finding are essential for monetary policy formulation
as it provide a guide for the policy makers to choose an optimal target for inflation, which is
consistent with long-term sustainable economic growth goals of the country ( Iacoviello, M., & Navarro,
G., 2012).

According to Bawa, S., & Abdullahi, I. S. (2012), It is widely believed that price stability promote long-
term economic growth, whereas high inflation is inimical to growth. This paper utilized a quarterly
time series data for the period 1981 - 2009 to estimate a threshold level of inflation for Nigeria. Using
a threshold regression model developed by Khan and Senhadji (2001), the study estimated a
threshold inflation level of 13 per cent for Nigeria. Below the threshold level, inflation has a mild
effect on economic activities, while above it, the magnitude of the negative effect of inflation on
growth was high. The negative and significant relationship between inflation and economic growth
for inflation rates both below and above the threshold level is robust with respect to changes in
econometric methodology, additional explanatory variables and changes in data frequency. These
finding are essential for monetary policy formulation as it provide a guide for the policy makers to
choose an optimal target for inflation, which is consistent with long-term sustainable economic
growth goals of the country (Bawa, S., & Abdullahi, I. S., 2012).
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