Can We Explain Inflation Persistence in a Way that Is Consistent with the Microevidence on Nominal Rigidity?
采用脉冲响应方法，通过建模合同期限分布和不同定价类型，评估现有理论能否解释通胀持续性，发现考虑期限分布能大幅但非完全解决该谜题。
This paper adopts the impulse‐response methodology to understand inflation persistence. It has often been argued that existing models of pricing fail to explain the persistence that we observe. We adopt a common general framework that allows for an explicit modeling of the distribution of contract lengths and for different types of price setting. We also evaluate how far the theories are consistent with recent evidence on price and wage rigidity. We find that allowing for a distribution of durations can take us a long way to solving the puzzle of inflation persistence, but not all the way yet.