Murray, Christian; Nikolsko-Rzhevskyy, Alex; Papell, David - Volkswirtschaftliche Fakultät, … - 2008
Although the persistence of inflation is a central concern of macroeconomics, there is no consensus regarding whether or not inflation is stationary or has a unit root. We show that, in the context of a “textbook” macroeconomic model, inflation is stationary if and only if the Taylor rule...