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http://hdl.handle.net/10419/62929
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| Title: | | The elusive persistence: Wage and price rigidities, the Phillips curve, and inflation dynamics  |
| 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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