Caggiano, Giovanni; Castelnuovo, Efrem - Dipartimento di Scienze Economiche "Marco Fanno", … - 2008
This paper investigates inflation dynamics in a panel of 20 OECD economies using an approach based on the sample … autocorrelation function (ACF). We find that inflation is characterized by long-lasting fluctuations, which are similar across … countries and that eventually revert to a potentially time-varying mean. The cyclical and persistent behavior of inflation does …