The paper analyses the reasons for Japan’s persistently low inflation since the bursting of the Japanese bubble economy … (low inflation conundrum). It is shown that Japan experienced a structural break from a high-growth period with relatively … high inflation to a low-growth period with exceptionally low inflation since the early 1990s. We show based on a stylized …

This paper examines long-range dependence in the inflation rates of the G7 countries by estimating their (fractional …

How does competition affect information acquisition of firms and thus the response of inflation and output to monetary … uncertainty about inflation as a non-targeted moment …

exhibit a higher degree of persistence, which reflects relatively long lags between inflation and wage adjustments. Endogenous …

America, Asia and MENA). It covers the period 1979-2004, and carries out second-generation" tests for non-stationary panels …

This paper provides a review of the literature on unit roots and cointegration in panels where the time dimension (T … degrees, the dependence that might prevail across the different units in the panel. In the analysis of cointegration the … hypothesis testing and estimation problems are further complicated by the possibility of cross section cointegration which could …

This paper uses the European Commission's Consumer Survey to assess whether inflation expectations have converged and … whether inflation uncertainty has diminished following the introduction of the Euro in Europe. Consumers? responses to the … survey suggest that inflation expectations depend more on past national inflation rates than on the ECB's anchor for price …

concludes with an empirical application to consumer price inflation in Germany, France and Italy, and re-examines the extent to … which 'observed' inflation persistence at the aggregate level is due to aggregation and/or common unobserved factors. Our … persistence of the aggregate inflation. …

This paper estimates a time-varying AR-GARCH model of inflation producing measures of inflation uncertainty for the … policy regime change associated with the start of EMU in 1999. The main findings are as follows. Steady-state inflation and … inflation uncertainty have declined steadily since the inception of EMU, whilst short-run uncertainty has increased, mainly …