involving U.S. inflation and GDP growth. Empirical results suggest that the number of change points is larger than previously …

In this paper, I consider the policy implications of two alternative structural interpretations of observed inflation … specification allows for some degree of intrinsic persistence by way of a lagged inflation term in the NKPC. The second is a purely … specification, most of the observed inflation persistence is attributed to fluctuations in the underlying inflation trend, which are …