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- W1488340052 abstract "This paper investigates inflation dynamics in a panel of 20 OECD economies using an approach based on the sample autocorrelation function (ACF). We find that inflation is characterized by long-lasting fluctuations, which are similar across countries and that eventually revert to a potentially time-varying mean. The cyclical and persistent behavior of inflation does not belong to the class of linear autoregressive processes but rather to a more general class of nonlinear and long memory models. Recent theoretical contributions on heterogeneity in price setting and aggregation offer a rationale to our results. Finally, we draw the monetary policy implications of our findings." @default.
- W1488340052 created "2016-06-24" @default.
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- W1488340052 date "2008-05-01" @default.
- W1488340052 modified "2023-09-27" @default.
- W1488340052 title "Long Memory and Non-Linearities in International Inflation" @default.
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