Can the Facts of UK Inflation Persistence be Explained by Nominal Rigidity?

It has been widely argued that inflation persistence since WWII has been widespread and durable and that it can only be accounted for by models with a high degree of nominal rigidity. We examine UK post-war data where after confirming previous studies, findings of varying persistence due to changing monetary regimes, we find that models with little nominal rigidity are best equipped to explain it.

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Year of publication:	2008-04
Authors:	Meenagh, David ; Minford, A. Patrick L. ; Srinivasan, Naveen ; Nowell, Eric ; Sofat, Prakriti
Institutions:	Economics Section, Cardiff Business School
Subject:	inflation persistence \| New Keynesian \| New Classical \| nominal rigidity \| monetary regime shifts

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Extent:	application/pdf
Series:	Cardiff Economics Working Papers. - ISSN 1749-6101.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Published in <em>Economic Modelling</em>, vol. 26(5) (2009), 978-992 Number E2008/7 21 pages
Classification:	E31 - Price Level; Inflation; Deflation ; E37 - Forecasting and Simulation
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005256682