Can the Facts of UK Inflation Persistence be Explained by Nominal Rigidity?

David Meenagh, A. Patrick L. Minford, Eric Nowell, Prakriti Sofat () and Naveen Srinivasan ()
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Prakriti Sofat: Cardiff Business School

No E2008/7, Cardiff Economics Working Papers from Cardiff University, Cardiff Business School, Economics Section

Abstract: 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.

Keywords: inflation persistence; New Keynesian; New Classical; nominal rigidity; monetary regime shifts (search for similar items in EconPapers)
JEL-codes: E31 E37 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
Date: 2008-04, Revised 2008-12
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Working Paper: Can the Facts of UK Inflation Persistence be Explained by Nominal Rigidity? (2008)
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Persistent link: http://EconPapers.repec.org/RePEc:cdf:wpaper:2008/7

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