NDLI: Inflation persistence during periods of structural change: an assessment using Greek data

Content Provider	Springer Nature Link
Author	Hondroyiannis, George Lazaretou, Sophia
Copyright Year	2007
Abstract	The paper estimates inflation persistence in Greece from 1975 to 2003, a period of high variation in inflation and changes in policy regimes. Two empirical methodologies, univariate autoregressive (AR) modelling and second-generation random coefficient (RC) modelling, are employed to estimate inflation persistence. The empirical results from all the procedures suggest that inflation persistence was high till 1996, while it started to decline after 1997, when inflationary expectations seem to have been stabilised, and thus, monetary policy was effective at reducing inflation. Empirical findings also detect a sluggish response of inflation to changes in monetary policy. This observed delay seems to have changed little over time.
Starting Page	453
Ending Page	475
Page Count	23
File Format	PDF
ISSN	03408744
Journal	Empirica
Volume Number	34
Issue Number	5
e-ISSN	15736911
Language	English
Publisher	Springer US
Publisher Date	2007-06-19
Publisher Place	Boston
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	CPI inflation Persistence Structural change Economic Growth Political Science International Economics Industrial Organization
Content Type	Text
Resource Type	Article
Subject	Geography, Planning and Development Development Economics and Econometrics

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Inflation persistence during periods of structural change: an assessment using Greek data