Are the facts of UK inflation persistence to be explained by nominal rigidity or changes in monetary regime?

It has been widely argued that inflation persistence since WWII has been widespread and durable and that it can only be accounted for by models with a high degree of nominal rigidity. We examine UK post-war data and find that the varying persistence it reveals is largely due to changing monetary regimes and that models with moderate or even no nominal rigidity are best equipped to explain it.

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Year of publication:	2007-07
Authors:	Meenagh, David ; Minford, Patrick ; Nowell, Eric ; Sofat, Prakriti ; Srinivasan, Naveen
Institutions:	Department of Economics, Mathematics and Statistics, Birkbeck College

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Extent:	application/pdf
Series:	WEF Working Papers. - ISSN 1749-8260.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 0028
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005642337