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Title:The elusive persistence: Wage and price rigidities, the Phillips curve, and inflation dynamics PDF Logo
Authors:Tsoukis, Chris
Kapetanios, George
Pearlman, Joseph
Issue Date:2007
Series/Report no.:Working Paper, Department of Economics, Queen Mary, University of London 619
Abstract:We review the main New Keynesian inflation equations that have arisen as a result of aggregation from individual firms' price rigidities. We find that, on the whole, they cannot account for inflation persistence, a key feature of the empirical dynamics of inflation, and with important policy implications. The only exception seems to be when price stickiness is combined with wage rigidity and staggering.
Subjects:Inflation rigidity
Price stickiness
Phillips curve
JEL:E31
E32
Document Type:Working Paper
Appears in Collections:Working Paper Series, School of Economics and Finance, Queen Mary, University of London

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