We study the dynamics of inflation persistence in 45 countries for the period 1960-2008. We use a nonparametric unit … inflation data, and a test for multiple changes in persistence, which decomposes the sample information between adjacent I(0 …) and I(1) periods. We find that (1) With very few exceptions, inflation around the world rejects a unit root, (2) for …

When monetary policy has an explicit inflation target, observed inflation should be a stationary process. In countries … where, for a variety of reasons, the determinants of inflation could lead it to follow a non-stationary process, the … adoption of an inflation targeting framework should therefore induce a fundamental change in the stochastic process governing …

to be temporary. -- Inflation ; Multiple persistence change ; Stationarity ; Unit root tests ; Unknown direction of …We study the dynamics of inflation persistence in 45 countries for the period 1960-2008. We use a nonparametric unit … inflation data, and a test for multiple changes in persistence, which decomposes the sample information between adjacent I(0 …

Empirical research on the degree and stability of inflation persistence in the US has produced mixed results: some … since the early 1980s. We show that post-WWII US inflation (monthly and quarterly) became highly persistent during the …´Great Inflation´ period, and then switched back to a low persistence process during 1984, and has remained stationary until the …

Empirical research on the degree and stability of inflation persistence in the US has produced mixed results: some …-WWII US inflation (monthly and quarterly) became highly persistent during the 'Great Inflation'period, and then switched back …

We study the dynamics of inflation persistence in 45 countries for the period 1960–2008 using a recently developed test … find that: (i) inflation persistence and average inflation tend to fall and rise at the same time; (ii) in some countries … there are changes in the level of inflation which do not seem to be related to changes in inflation persistence; (iii …

In this paper we report results on inflation persistence using 79 inflation series covering the EU countries, the euro … area and the US for five different inflation variables. The picture that emerges is one of moderate inflation persistence … across the board. In particular we find euro area inflation persistence to be broadly in line with US inflation persistence …

We test for state-dependent bias in the European Central Bank's inflation projections. We show that the ECB tends to … underpredict when the observed inflation rate at the time of forecasting is higher than an estimated threshold of 1.8%. The bias is … most pronounced at intermediate forecasting horizons. This suggests that inflation is projected to revert towards the …

We test for bias and efficiency of the ECB inflation forecasts using a confidential dataset of ECB macroeconomic … quarterly projections. We investigate whether the properties of the forecasts depend on the level of inflation, by … distinguishing whether the inflation observed by the ECB at the time of forecasting is above or below the target. The forecasts are …