Title of article
Intrinsic inflationpersistence
Author/Authors
Kevin D. Sheedy، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2010
Pages
13
From page
1049
To page
1061
Abstract
Empiricalevidencesuggeststhatinflationdeterminationisnotpurelyforward-looking,
but modelsofpricesettinghavestruggledtorationalizethisfindingwithoutdirectly
assumingbackward-lookingpricingrulesforfirms.Thispapershowsthatintrinsicinflation
persistence canbeexplainedwithnodeviation from optimizing,forward-lookingbehaviour
if pricesthathaveremainedfixedforlongeraremorelikelytobechangedthanthoseset
recently. Arelationshipbetweentheprobabilityofpriceadjustmentandthedurationofa
price spellisshowntoimplyasimple‘‘hybrid’’Phillipscurveincludinglaggedandexpected
inflation,whichisestimatedusingmacroeconomicdata
Journal title
Journal of Monetary Economics
Serial Year
2010
Journal title
Journal of Monetary Economics
Record number
846448
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