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. …

In a simple New Keynesian model, we derive a closed form solution for the inflation persistence parameter as a function … inflation and the output gap, we show that the empirically observed changes in U.S. inflation persistence during the period 1975 …) view that inflation persistence should not be considered a structural parameter in the sense of Lucas. …

We argue that the Great Inflation experienced by both the United Kingdom and the United States in the 1970s has an … common doctrine underlying the systematic monetary policy choices in each country. The nonmonetary approach to inflation …

, interest rate spreads and asset price inflation should be added to the classical Taylor rule because these variables are … the Fed is concerned, the impact of consumer price inflation, and money and credit growth turns negative during the crisis … while the sign of the asset price inflation coefficient turns positive. Thus we are able to establish significant …

the Fed is concerned, the impact of consumer price inflation, and money and credit growth turns negative during the crisis … while the sign of the asset price inflation coefficient turns positive. Thus we are able to establish significant … price inflation becomes even stronger than before. Moreover we find evidence of a less inertial policy of both the Fed and …

began in August 2007 inflation expectations were high and rising, particularly in the United States. We have two additions … maintaining a standard output-inflation mandate. We have three interpretations of our results. One, because the Federal Reserve …