Fischer, Stan Fischer, "The Role of Macroeconomic Factors in Growth"; Journal of Monetary Economics 32, December 1993 (3): 485-512.

FISCHDEM.ASC has the data in space-delimited form, with missing values indicated by periods. FISCHDEM.PRN has the data in comma-delimited form, with missing values indicated by -999. Also, in this file the country codes are enclosed in quotations. This format can be imported into any standard spreadsheet.The information below is at the bottom of each file as well.

Data Set Description:
This page contains two files of data used in the paper cited above: FISCHDEM.ASC has the data in space-delimited form, with missing values indicated by periods; FISCHDEM.PRN has the data in comma-delimited form, with missing values indicated by -999. Also, in this file the country codes are enclosed in quotations. This format can be imported into any standard spreadsheet.The information below is at the bottom of each file as well.

Using a regression analog of growth accounting, the author presents cross-sectional and panel
regressions showing that growth is negatively associated with inflation, large budget deficits, and
distorted foreign exchange markets. Supplementary evidence suggests that the causation runs from
macroeconomic policy to growth. The framework makes it possible to identify the channels of these
effects: inflation reduces growth by reducing investment and productivity growth; budget deficits also
reduce both capital accumulation and productivity growth. Examination of exceptional cases shows
that while low inflation and small deficits are not necessary for high growth even over long periods, high inflation is not consistent with sustained growth.