In a simple New Keynesian model, we derive a closed form solution for the inflation-gap persistence parameter as a … to inflation and the output gap, we show that the empirically observed changes in U.S. inflation-gap persistence during … Benati's (2008) view that inflation persistence should not be considered a structural parameter in the sense of Lucas …

We evaluate the monetary determinants of inflation in the Czech Republic, Hungary, Poland and Slovakia by using the … McCallum rule for money supply. The deviation of actual money growth from the rule is included in the estimation of Phillips … excessive monetary growth on inflation is mixed: It is positive for Poland and Slovakia, but negative for the Czech Republic and …

The persistence property of inflation is an important issue for not only economists, but, especially for central banks …, given that the degree of inflation persistence determines the extent to which central banks can control inflation. Further …, not only is the level of inflation persistence that is important in economic analyses, but also the question of whether …

We combine an estimated monetary policy rule featuring time-varying trend inflation and stochastic coefficients with a … medium scale New Keynesian framework calibrated on the U.S. economy. We find the impact of variations in trend inflation on … counterfactual exercises suggest that the change in the Federal Reserve's policy response to inflation is likely to have been the …

die durchschnittliche ("Trend-") Inflation bei der Indexierung signifikant ist. Die verzögerte Inflationsrate ist weniger …Distortionary effects of inflation on relative prices are the main argument for inflation stabilization in macro models … with sticky prices. Under indexation of non-optimized prices those models imply a nonlinear and dynamic impact of inflation …

We investigate the empirics of the persistence in the inflation series for 13 OECD countries that use an inflation … suggested by Kim and Phillips (2006, 2000) and Phillips (2007). We find that (i) inflation exhibits a fractional behavior over … the entire sample period and, in most cases, in the pre- and post-targeting periods, (ii) the adoption of inflation …

, long run systematic responses of the interest rate to inflation and unemployment exhibit a trend toward a more aggressive … exogenous non-policy shocks seems much more important than monetary policy in explaining the high inflation and unemployment …

In 1999, new monetary policy regimes were adopted in Brazil, Chile, Colombia and Mexico, combining inflation targeting … Brazil, Colombia and Mexico, despite higher inflation volatility in Brazil and Colombia. This paper estimates a conventional … responsiveness by the monetary authority to changes in expected inflation in Brazil and Chile, while in Colombia and Mexico monetary …