Meenagh, David; Minford, Patrick; Nowell, Eric; Sofat, … - Department of Economics, Mathematics and Statistics, … - 2007
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...