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Discussion Paper Details

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

Author(s): David Meenagh, Patrick Minford, Eric Nowell, Prakriti Sofat and Naveen Srinivasan

Publication Date: May 2008

Keyword(s): Inflation Persistence, Monetary Regime Shifts, New Classical, New Keynesian and Nominal Rigidity

Programme Area(s): International Macroeconomics

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.

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Bibliographic Reference

Meenagh, D, Minford, P, Nowell, E, Sofat, P and Srinivasan, N. 2008. 'Can the Facts of UK Inflation Persistence be Explained by Nominal Rigidity?'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=6834