persistence of supply shocks in U.S. inflation fell considerably during the period of Volcker’s disinflation (1979-1982). My …This paper examines the long-run effects of supply shocks (such as oil shocks) on inflation in the United States. The … the behavior of inflation expectations - agents expected shocks to persist in the pre-Volcker period, but not in the post …

The paper offers a new explanation for the cause of the Great Inflation by constructing a model that explicitly … separates the roles of government and monetary policymakers. A mechanism that inflation can accelerate even if an inflation … target is low is uncovered. The model solves the puzzle of the observed high inflation target during the Great Inflation and …

was still the official currency. Parameter estimation is carried out using a battery of time series techniques. Monthly …

and inflation indexation, that are typically needed in monetary models with rational expectations to match the persistence … monetary DSGE models and endogenously generate realistic levels of persistence. The paper starts with an agnostic view …, developing a model that nests learning and some of the structural sources of persistence, such as habit formation in consumption …

This paper discusses various ways of measuring the persistence or Long Memory (LM) of financial market risk in both its … available in various scientific disciplines to measure the LM persistence of time seies. It also discusses why Markov- and (G …)ARCH models cannot capture this LM, long term dependence or risk persistence, because these models have finite lag lengths, while …

This paper graphically demonstrates the significant impact of the observed financial market persistence, i.e., long … persistence or long memory in the financial markets different from the Fickian neutral independence (i.i.d.) of the returns … of persistence into the binomial and Black-Scholes pricing formulas. Long memory options are of considerable importance …

The multifractal model of asset returns captures the volatility persistence of many financial time series. Its … Hurst exponent of slight persistence 0.5<0.7, these spectra tend to be skewed towards anti-persistence in the returns. …

equilibriumselection mechanism in a natural-rate monetary model with unemployment persistence. In particular, it is shown that only one of … the two rational expectations equilibria is stable under least-squares learning, and that it is always the low-inflation … theoretical justification for focusing on the low-inflation equilibrium. Earlier contributions, in which the high- inflation …