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2SLS 40 percent Allobs annual panel data associated with lower average base model binary recursive trees Bruno and Easterly capita GDP growth coefficient estimates coefficient on log conditioning variables Consistent Sample Cukierman current inflation rate determinants of growth dimensions dummy variable effect of inflation error bands estimated coefficient exchange rate Excl explanatory variables extreme bounds test Figure GDP growth rates Ghosh and Wolf growth regression high growth human capital IGDP Incl inflation and growth inflation coefficient instrumental variables instruments kink level of inflation Levine and Zervos linear low growth low inflation rates lower GDP growth Middle Income Countries negative inflation negative inflation-growth relationship negative relationship nonlinear outliers output growth percent level percentage points policy choices probability of high regression analysis regression sample regressors relationship between inflation robustness Sarel Section seigniorage severe disinflations shocks simultaneity bias spurious standard errors statistically significant Subsamples supply shocks t-stat Table terms of trade time-averaged