Can the facts of UK inflation persistence be explained by nominal rigidity?

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 where after confirming previous studies' findings of varying persistence due to changing monetary regimes, we find that models with little nominal rigidity are best equipped to explain it.

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Year of publication:	2009
Authors:	Meenagh, David ; Minford, Patrick ; Nowell, Eric ; Sofat, Prakriti ; Srinivasan, Naveen
Published in:	Economic Modelling. - Elsevier, ISSN 0264-9993. - Vol. 26.2009, 5, p. 978-992
Publisher:	Elsevier
Keywords:	Inflation persistence New Keynesian New Classical Nominal rigidity Monetary regime shifts

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Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008473747