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Stabilization, Persistence, and Inflationary Convergence: A Comparative Analysis

In: Indexation, Inflation and Monetary Policy

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Author Info

  • Sebastián Edwards

    (University of California-Los Angeles)

  • Fernando Lefort

    (Pontificia Universidad Católica de Chile)

Abstract

The purpose of this paper is to analyze empirically the importance of inflationary persistence in a group of sixteen advanced and developing countries. We do this by studying, in great detail, the time series properties of inflation using both univariate as well as multivariate techniques. We show that inflationary inertia greatly varies both across countries and across different periods of time within a country. Moreover, there seems to exists a clear connection between our estimates of inertia and the levels of inflation in the countries in our sample. Nominal exchange rate anchors seem to reduce inflation inertia but only until time goes by and the program fails to lower inflation to international levels.

(This abstract was borrowed from another version of this item.)

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Bibliographic Info

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This chapter was published in: Fernando Lefort & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series Editor) (ed.) Indexation, Inflation and Monetary Policy, , chapter 3, pages 065-104, 2002.

This item is provided by Central Bank of Chile in its series Central Banking, Analysis, and Economic Policies Book Series with number v02c03pp065-104.

Handle: RePEc:chb:bcchsb:v02c03pp065-104

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  1. Taylor, John B, 1980. "Aggregate Dynamics and Staggered Contracts," Journal of Political Economy, University of Chicago Press, vol. 88(1), pages 1-23, February.
  2. Maurice Obstfeld, 1995. "Intenational Currency Experience: New Lessons and Lessons Relearned," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 26(1, 25th A), pages 119-220.
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Cited by:
  1. Fernando Lefort & Eduardo Walker, 1999. "El Dólar Como Activo Financiero: Teoría y Evidencia Chilena," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 36(109), pages 1035-1066.

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