Inflation Persistence: Does Credibility of the Monetary Regime Matter?
Despite widespread recognition that credibility is an important determinant of inflation persistence, surprisingly little empirical evidence exists to support this hypothesis. We investigate this hypothesis using data for US and UK. Our results suggest that the degree of inflation persistence is strongly influenced by regime credibility.
Volume (Year): 32 (2012)
Issue (Month): 4 ()
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- Meenagh, David & Minford, Patrick & Nowell, Eric & Sofat, Prakriti & Srinivasan, Naveen, 2008.
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- Meenagh, David & Minford, Patrick & Nowell, Eric & Sofat, Prakriti & Srinivasan, Naveen, 2008. "Can the Facts of UK Inflation Persistence be Explained by Nominal Rigidity?," CEPR Discussion Papers 6834, C.E.P.R. Discussion Papers.
- Niklas J. Westelius, 2005.
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Economics Working Paper Archive at Hunter College
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"Can the Fiscal Theory of the price level explain UK inflation in the 1970s?,"
Cardiff Economics Working Papers
E2009/26, Cardiff University, Cardiff Business School, Economics Section, revised Mar 2011.
- Fan, Jingwen & Minford, Patrick, 2010. "Can the Fiscal Theory of the price level explain UK inflation in the 1970s?," CEPR Discussion Papers 7630, C.E.P.R. Discussion Papers.
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