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dc.contributor.authorKaranassou, Marikaen
dc.contributor.authorSnower, Dennis J.en
dc.date.accessioned2009-01-28T14:30:02Z-
dc.date.available2009-01-28T14:30:02Z-
dc.date.issued2004-
dc.identifier.urihttp://hdl.handle.net/10419/3308-
dc.description.abstractIt 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
dc.language.isoengen
dc.publisher|aQueen Mary University of London, Department of Economics |cLondonen
dc.relation.ispartofseries|aWorking Paper |x518en
dc.subject.jelE31en
dc.subject.jelE63en
dc.subject.jelE42en
dc.subject.jelE32en
dc.subject.ddc330en
dc.subject.keywordInflation persistenceen
dc.subject.keywordWage-price staggeringen
dc.subject.keywordNew Keynesian Phillips curveen
dc.subject.keywordNominal inertiaen
dc.subject.keywordMonetary policyen
dc.subject.keywordForward-looking expectationsen
dc.subject.stwInflationen
dc.subject.stwUngleichgewichtstheorieen
dc.subject.stwPhillips-Kurveen
dc.subject.stwTheorieen
dc.titleInflation persistence revisited-
dc.typeWorking Paperen
dc.identifier.ppn396014976en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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