Has the Inflation Process Become More Persistent? Evidence from the Major Advanced Economies
Andrea De Michelis,
Grace Lofstrom,
Mike McHenry,
Musa Orak,
Albert Queraltó and
Mikaël Scaramucci
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Mike McHenry: https://www.federalreserve.gov/econres/mike-j-mchenry.htm
Albert Queraltó: https://www.federalreserve.gov/econres/albert-queralto.htm
No 2024-07-19-3, FEDS Notes from Board of Governors of the Federal Reserve System (U.S.)
Abstract:
The sustained surge in inflation around the world following the pandemic has raised the possibility that the inflation process has become more persistent. Such a rise in persistence could result from firms and households putting greater weight on past inflation outcomes in their price- and wage-setting decisions than they did in the recent past, say, because they have less conviction that inflation will return promptly to target.
Date: 2024-07-19
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfn:2024-07-19-3
DOI: 10.17016/2380-7172.3562
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