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This paper demonstrates some implications of these mis\u2010specifications, both analytically and empirically. In particular, for most G\u20107 countries, annual time series of inflation and the log\u2010<jats:italic>level<\/jats:italic>of output are cointegrated, thus rejecting the existence of a long\u2010run relation between output<jats:italic>growth<\/jats:italic>and inflation. Typically, output and inflation are positively related in these cointegrating relationships: a price markup model helps to interpret this surprising feature. Copyright \u00a9 2001 John Wiley &amp; Sons, Ltd.<\/jats:p>","DOI":"10.1002\/jae.614","type":"journal-article","created":{"date-parts":[[2002,9,11]],"date-time":"2002-09-11T01:23:48Z","timestamp":1031707428000},"page":"241-253","source":"Crossref","is-referenced-by-count":58,"title":["Output and inflation in the long run"],"prefix":"10.1002","volume":"16","author":[{"given":"Neil R.","family":"Ericsson","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"John S.","family":"Irons","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Ralph W.","family":"Tryon","sequence":"additional","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"311","published-online":{"date-parts":[[2001,6,22]]},"reference":[{"key":"e_1_2_6_2_1","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(99)00040-9"},{"key":"e_1_2_6_3_1","doi-asserted-by":"publisher","DOI":"10.2307\/2937943"},{"key":"e_1_2_6_4_1","volume-title":"Determinants of Economic Growth: A Cross\u2010country Empirical Study","author":"Barro RJ","year":"1997"},{"key":"e_1_2_6_5_1","doi-asserted-by":"publisher","DOI":"10.2307\/1392612"},{"key":"e_1_2_6_6_1","doi-asserted-by":"publisher","DOI":"10.1016\/0304-4076(90)90121-9"},{"key":"e_1_2_6_7_1","doi-asserted-by":"publisher","DOI":"10.1016\/0304-4076(94)01689-5"},{"key":"e_1_2_6_8_1","doi-asserted-by":"crossref","first-page":"221","DOI":"10.1007\/978-1-349-26732-3_9","volume-title":"Market Behaviour and Macroeconomic Modelling","author":"Church KB","year":"1998"},{"key":"e_1_2_6_9_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1465-7295.1997.tb01895.x"},{"key":"e_1_2_6_10_1","unstructured":"CozierB SelodyJ.1992.Inflation and macroeconomic performance: some cross\u2010country evidence. 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