Inflation Persistence: Does Credibility of the Monetary Regime Matter?

Naveen Srinivasan and Pankaj Kumar ()
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Pankaj Kumar: Indira Gandhi Institute of Development Research & Reserve Bank of India

Economics Bulletin, 2012, vol. 32, issue 4, 2944-2954

Abstract: Despite widespread recognition that credibility is an important determinant of inflation persistence, surprisingly little empirical evidence exists to support this hypothesis. We investigate this hypothesis using data for US and UK. Our results suggest that the degree of inflation persistence is strongly influenced by regime credibility.

Keywords: Inflation Persistence; Credibility; Kalman Filter (search for similar items in EconPapers)
JEL-codes: E3 E5 (search for similar items in EconPapers)
Date: 2012-10-22
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Citations: View citations in EconPapers (4)

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