During the recent inflation episode, the paradigm of separated objectives for monetary and fiscal policies has shown … some limits. Fiscal policies have helped mitigate inflation. We advocate for the emergence of a new paradigm that gives …

We study the dynamics of inflation persistence in 45 countries for the period 1960-2008. We use a nonparametric unit … inflation data, and a test for multiple changes in persistence, which decomposes the sample information between adjacent I(0 …) and I(1) periods. We find that (1) With very few exceptions, inflation around the world rejects a unit root, (2) for …