Intrinsic inflation persistence
成果类型：
Article
署名作者：
Sheedy, Kevin D.
署名单位：
University of London; London School Economics & Political Science
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2010.10.002
发表日期：
2010
页码：
1049-1061
关键词：
摘要：
Empirical evidence suggests that inflation determination is not purely forward-looking but models of price setting have struggled to rationalize this finding without directly assuming backward-looking pricing rules for firms This paper shows that intrinsic inflation persistence can be explained with no deviation from optimizing forward-looking behaviour if prices that have remained fixed for longer are more likely to be changed than those set recently A relationship between the probability of price adjustment and the duration of a price spell is shown to imply a simple hybrid Phillips curve including lagged and expected inflation which is estimated using macroeconomic data (C) 2010 Elsevier B V All rights reserved
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