Can the facts of UK inflation persistence be explained by nominal rigidity?

Meenagh, David ORCID: https://orcid.org/0000-0002-9930-7947, Minford, Anthony Patrick Leslie ORCID: https://orcid.org/0000-0003-2499-935X, Nowell, Eric, Sofat, Prakriti and Srinivasan, Naveen 2009. Can the facts of UK inflation persistence be explained by nominal rigidity? Economic Modelling 26 (5) , pp. 978-992. 10.1016/j.econmod.2009.03.004

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Abstract

It has been widely argued that inflation persistence since WWII has been widespread and durable and that it can only be accounted for by models with a high degree of nominal rigidity. We examine UK post-war data where after confirming previous studies' findings of varying persistence due to changing monetary regimes, we find that models with little nominal rigidity are best equipped to explain it.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Professional Services > Advanced Research Computing @ Cardiff (ARCCA) Schools > Business (Including Economics)
Subjects:	H Social Sciences > HB Economic Theory H Social Sciences > HG Finance H Social Sciences > HJ Public Finance
Uncontrolled Keywords:	Inflation persistence ; New Keynesian ; New Classical ; Nominal rigidity ; Monetary regime shifts
Publisher:	Elsevier
ISSN:	0264-9993
Last Modified:	18 Oct 2022 14:32
URI:	https://orca.cardiff.ac.uk/id/eprint/17887

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