, but no persistence. Aggregate shocks, by contrast, are the root of sectoral inflation persistence, but have negligible … inflation variance is driven by both aggregate and sectoral shocks. Sectoral shocks, too, generate substantial inflation … persistence. Both findings contrast sharply with earlier evidence from factor models. However, these results align well with …

further explore implications of the empirically based hazard function for inflation persistence and monetary policy. I find …

This paper presents a new mechanism through which monetary policy rules affect inflation persistence. When assuming … account for the pattern of changes in inflation persistence observed in the post-wwii U.S. data. In addition, with increasing …

This paper presents a new mechanism through which monetary policy rules affect inflation persistence. When assuming … account for the pattern of changes in inflation persistence observed in the post-wwii U.S. data. In addition, with increasing …

which observed inflation persistence at the aggregate level is due to aggregation and/or common unobserved factors. Our …