Are the facts of UK inflation persistence to be explained by nominal rigidity or changes in monetary regime ?

Are the facts of UK inflation persistence to be explained by nominal rigidity or changes in monetary regime ?
Document type
Working Paper
Author(s)
Mennagh, David; Minford, Patrick; Sofat, Prakriti
Publisher
Birkbeck, University of London
Date of publication
1 July 2007
Series
Birckbeck World Economy and Finance Research Programme Working Papers
Subject(s)
Trends: economic, social and technology trends affecting business
Collection
Business and management
Material type
Reports

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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. This paper examines UK post-war data and finds that the varying persistence it reveals is largely due to changing monetary regimes and that models with moderate or even no nominal rigidity are best equipped to explain it.

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