) and I(1) periods. We find that (1) With very few exceptions, inflation around the world rejects a unit root, (2) for …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 …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 …

When monetary policy has an explicit inflation target, observed inflation should be a stationary process. In countries … where, for a variety of reasons, the determinants of inflation could lead it to follow a non-stationary process, the … adoption of an inflation targeting framework should therefore induce a fundamental change in the stochastic process governing …

We construct an empirical test of whether the anticipation of adoption of inflation targeting affects the inflation … rate. We observe that most of the central banks adopt the regime after first achieving significant disinflation. With pre-inflation …-in-difference framework. We find that inflation targeting is successful in locking-in already low inflation rather than reducing high …

around the world has been successful in terms of achieving the announced target and keeping inflation rate around it. We …The popularity of inflation targeting has risen in the last decade and the number of countries that adopted inflation … targeting as their monetary policy framework surpassed 40 by the end of 2016. This study analyzes whether inflation targeting …

We assess the efficiency of monetary policy to guide inflation expectations in high and low regimes. Using quantile … regression we analyze the persistence of inflation expectations from the Consensus Economics Survey at different quantiles. We … Fed's unconventional monetary policy at the ZLB in thus ineffective in guiding inflation expectations. …

In this paper we report results on inflation persistence using 79 inflation series covering the EU countries, the euro … area and the US for five different inflation variables. The picture that emerges is one of moderate inflation persistence … across the board. In particular we find euro area inflation persistence to be broadly in line with US inflation persistence …

We test for bias and efficiency of the ECB inflation forecasts using a confidential dataset of ECB macroeconomic … quarterly projections. We investigate whether the properties of the forecasts depend on the level of inflation, by … distinguishing whether the inflation observed by the ECB at the time of forecasting is above or below the target. The forecasts are …

In this paper we report results on inflation persistence using 79 inflation series covering the EU countries, the euro … area and the US for five different inflation variables. The picture that emerges is one of moderate inflation persistence … across the board. In particular we find euro area inflation persistence to be broadly in line with US inflation persistence …