The DOI matches its Crossref record; 35 of the 35 references it cites were found in a registry or an index.
Investigating Inflation Persistence Across Monetary Regimes*
Abstract
Under inflation, targeting estimates of the indexation parameter in hybrid New Keynesian Phillips curves are either equal to zero, or very low, in the United Kingdom, Canada, Sweden, and New Zealand. Analogous results hold for the Euro area under the European Monetary Union, and for Switzerland under the new monetary regime: under stable regimes with clearly defined nominal anchors, inflation appears to be purely forward-looking. These results question the notion that the intrinsic inflation persistence found in post-WWII U.S. data is structural in the sense of Lucas (Carnegie-Rochester Conference Series on Public Policy, 1 [1976], 19–46), and suggest that “hardwiring” inflation persistence in macroeconomic models is potentially misleading.
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Cites
Gelman, A., Carlin, J. B., Stern, H. S., & Rubin, D. B. (2003) · doi:10.1201/9780429258480 · Cited by 27,276
Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy
Christiano, L. J., Eichenbaum, M., & Evans, C. L. (2005) · Journal of Political Economy · doi:10.1086/426038 · Cited by 6,238
Econometric policy evaluation: A critique
Lucas, R. E. (1976) · Carnegie-Rochester Conference Series on Public Policy · doi:10.1016/s0167-2231(76)80003-6 · Cited by 6,110
Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory*
Clarida, R., Gali, J., & Gertler, M. (2000) · Quarterly Journal of Economics · doi:10.1162/003355300554692 · Cited by 4,625
Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach
Smets, F., & Wouters, R. (2007) · American Economic Review · doi:10.1257/aer.97.3.586 · Cited by 4,611
An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area
Smets, F. R., & Wouters, R. (2003) · Journal of the European Economic Association · doi:10.1162/154247603770383415 · Cited by 3,520
Inflation dynamics: A structural econometric analysis
Galı́, J., & Gertler, M. (1999) · Journal of Monetary Economics · doi:10.1016/s0304-3932(99)00023-9 · Cited by 3,087
A Monetary History of the United States, 1867-1960
(2017) · The SHAFR Guide Online · doi:10.1163/2468-1733_shafr_sim280020213 · Cited by 2,467
Sticky Information versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve
Mankiw, N. G., & Reis, R. (2002) · The Quarterly Journal of Economics · doi:10.1162/003355302320935034 · Cited by 2,292
Drifts and volatilities: monetary policies and outcomes in the post WWII US
Cogley, T., & Sargent, T. J. (2005) · Review of Economic Dynamics · doi:10.1016/j.red.2004.10.009 · Cited by 1,933
Cited by
Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach
Smets, F., & Wouters, R. (2007) · American Economic Review · doi:10.1257/aer.97.3.586 · Cited by 4,611
Imperfect Information, Real‐Time Data and Monetary Policy in the Euro Area
Neri, S., & Ropele, T. (2012) · The Economic Journal · doi:10.1111/j.1468-0297.2011.02488.x · Cited by 269
Monetary/Fiscal policy mix and agents' beliefs
Bianchi, F., & Ilut, C. (2017) · Review of Economic Dynamics · doi:10.1016/j.red.2017.02.011 · Cited by 259
Metadata
- Authors
- Benati, L.
- Venue
- Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 2008-08
- Volume
- 123
- Issue
- 3
- Pages
- 1005-1060
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W2063087137
- Cited by
- 351
- References
- 35
- FWCI
- 66.53
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
