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The aim of this study is to test the relationship between inflation and GDP in the RA. Before estimating this relationship, we have checked the order of integration of the variables. Finally, we can see that there is a negative relationship between inflation and GDP in the RA, at least in the short run, which is consistent with most of the theories that have been developed throughout the years. KEYWORDS

THE STRATEGIC ISSUES OF INFLATION TARGETING IN THE CONTEXT OF ECONOMIC GROWTH