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Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/3308
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Karanassou, Marika | | en_US |
| dc.contributor.author | | Snower, Dennis J. | | en_US |
| dc.date.accessioned | | 2009-01-28T14:30:02Z | | - |
| dc.date.available | | 2009-01-28T14:30:02Z | | - |
| dc.date.issued | | 2004 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/3308 | | - |
| dc.description.abstract | | It is commonly asserted that inflation is a jump variable in the New Keynesian Phillips curve, and thus wage-price inertia does not imply inflation inertia. We show that this "inflation flexibility proposition" is highly misleading, relying on the assumption that real variables are exogenous. In a general equilibrium setting (in which real variables not only affect inflation, but are also influenced by it) the phenomenon of inflation inertia re-emerges. Under plausible parameter values, high degrees of inflation persistence (prolonged after-effects of inflation in response to temporary money growth shocks) and under-responsiveness (prolonged effects in response to permanent shocks) can arise in the context of standard wage-price staggering models. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | Department of Economics, Queen Mary College London | | - |
| dc.relation.ispartofseries | | Working paper series, Department of Economics, Queen Mary College, London 518 | | en_US |
| dc.subject.jel | | E31 | | en_US |
| dc.subject.jel | | E63 | | en_US |
| dc.subject.jel | | E42 | | en_US |
| dc.subject.jel | | E32 | | en_US |
| dc.subject.ddc | | 330 | | - |
| dc.subject.keyword | | Inflation persistence , Wage-price staggering , New Keynesian Phillips curve , Nominal inertia , Monetary policy , Forward-looking expectations | | en_US |
| dc.subject.stw | | Inflation | | en_US |
| dc.subject.stw | | Ungleichgewichtstheorie | | en_US |
| dc.subject.stw | | Phillips-Kurve | | en_US |
| dc.subject.stw | | Theorie | | en_US |
| dc.title | | Inflation persistence revisited | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 396014976 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | - |
| Appears in Collections: | | Working Paper Series, School of Economics and Finance, Queen Mary, University of London Publikationen von Forscherinnen und Forschern des IfW Economists Online
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| wp518.pdf | | 346.35 kB | Adobe PDF |
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