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Testing for a Random Walk in Italy’s Inflation in the Post-War Period, 1947-1996

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  • Paresh Kumar Narayan

Abstract

This paper investigates the unit root properties of Italy’s inflation rate in the post-war period (1947-1996). To achieve the aim of this study, the Zivot and Andrews (1992) one break test and the Lumsdaine and Papell (1997) two breaks test for unit roots are applied. It is found that inflation for Italy was a non-stationary breakpoint for the period 1947-1996. This result has important implications for econometric modeling and in understanding the behavior of shocks to Italy’s inflation.

Suggested Citation

  • Paresh Kumar Narayan, 2005. "Testing for a Random Walk in Italy’s Inflation in the Post-War Period, 1947-1996," The IUP Journal of Financial Economics, IUP Publications, vol. 0(4), pages 77-82, December.
  • Handle: RePEc:icf:icfjfe:v:03:y:2005:i:4:p:77-82
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