Khan, M S and A S Senhadji (2001) “Threshold effects in the relationship between inflation and growth” IMF Staff Papers 48(1). Smith, C (2004) “The long-run effects of monetary policy on output growth”, RBNZ Bulletin 67(3), 6–18. 5  Khan and Senhadji (2001).
A caveat to these results is that this and other such empirical work uses a relatively short period of modern experience in attempting to identify effects on long term growth. BIS central bankers’ speeches  7