The dynamics of persistence in US inflation
Using a recently developed time-series approach, we show that post-WWII US inflation became highly persistent during the 'Great Inflation' period, and then switched back to a low persistence process during 1984, and has remained stationary until the present day.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Timothy Cogley & Giorgio E. Primiceri & Thomas J. Sargent, 2008.
"Inflation-Gap Persistence in the U.S,"
NBER Working Papers
13749, National Bureau of Economic Research, Inc.
- Benati, Luca, 2008.
"Investigating inflation persistence across monetary regimes,"
Working Paper Series
0851, European Central Bank.
- Luca Benati, 2008. "Investigating Inflation Persistence Across Monetary Regimes," The Quarterly Journal of Economics, MIT Press, vol. 123(3), pages 1005-1060, August.
- María Dolores Gadea & Laura Mayoral, 2006.
"The Persistence of Inflation in OECD Countries: A Fractionally Integrated Approach,"
International Journal of Central Banking,
International Journal of Central Banking, vol. 2(1), March.
- Gadea, Maria & Mayoral, Laura, 2005. "The Persistence of Inflation in OECD Countries: A Fractionally Integrated Approach," MPRA Paper 815, University Library of Munich, Germany.
- Laura Mayoral, 2005. "The persistence of inflation in OECD countries: A fractionally integrated approach," Economics Working Papers 958, Department of Economics and Business, Universitat Pompeu Fabra, revised Oct 2005.
- Grubb, David & Symons, James, 1987. "Bias in Regressions With a Lagged Dependent Variable," Econometric Theory, Cambridge University Press, vol. 3(03), pages 371-386, June.
- Beechey, Meredith & Österholm, Pär, 2007.
"The Rise and Fall of U.S. Inflation Persistence,"
Working Paper Series
2007:18, Uppsala University, Department of Economics.
- Hansen,B.E., 1998.
"The grid bootstrap and the autoregressive model,"
26, Wisconsin Madison - Social Systems.
- Manmohan S. Kumar & Tatsuyoshi Okimoto, 2007. "Dynamics of Persistence in International Inflation Rates," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(6), pages 1457-1479, 09.
- Jean Boivin & Marc P. Giannoni, 2006.
"Has Monetary Policy Become More Effective?,"
The Review of Economics and Statistics,
MIT Press, vol. 88(3), pages 445-462, August.
- Leybourne Stephen & Kim Tae-Hwan & Taylor A.M. Robert, 2007. "Detecting Multiple Changes in Persistence," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 11(3), pages 1-34, September.
- Harvey, David I. & Leybourne, Stephen J. & Taylor, A.M. Robert, 2006.
"Modified tests for a change in persistence,"
Journal of Econometrics,
Elsevier, vol. 134(2), pages 441-469, October.
- Thomas Sargent & Noah Williams & Tao Zha, 2006.
"Shocks and Government Beliefs: The Rise and Fall of American Inflation,"
American Economic Review,
American Economic Association, vol. 96(4), pages 1193-1224, September.
- Thomas Sargent & Noah Williams & Tao Zha, 2004. "Shocks and Government Beliefs: The Rise and Fall of American Inflation," NBER Working Papers 10764, National Bureau of Economic Research, Inc.
- Thomas Sargent & Noah Williams & Tao Zha, 2004. "Shocks and government beliefs: the rise and fall of American inflation," Working Paper 2004-22, Federal Reserve Bank of Atlanta.
- Giorgio Primiceri, 2005. "Why Inflation Rose and Fell: Policymakers' Beliefs and US Postwar Stabilization Policy," NBER Working Papers 11147, National Bureau of Economic Research, Inc.
- Pivetta, Frederic & Reis, Ricardo, 2007. "The persistence of inflation in the United States," Journal of Economic Dynamics and Control, Elsevier, vol. 31(4), pages 1326-1358, April.
- Andrews, Donald W K & Chen, Hong-Yuan, 1994. "Approximately Median-Unbiased Estimation of Autoregressive Models," Journal of Business & Economic Statistics, American Statistical Association, vol. 12(2), pages 187-204, April.
When requesting a correction, please mention this item's handle: RePEc:eee:ecolet:v:105:y:2009:i:2:p:168-172. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.