INFLATION PERSISTENCE AND FLEXIBLE PRICES*
证明，即使价格完全灵活，央行遵循利率规则也会导致通胀持续；任何冲击都可能引发这种持续性，且通胀动态由实际利率与央行目标的差值决定。
If the central bank follows an interest rate rule, then inflation is likely to be persistent, even when prices are fully flexible. Any shock, whether persistent or not, may lead to inflation persistence. In equilibrium, the dynamics of inflation are determined by the evolution of the spread between the real interest rate and the central bank's target. Inflation persistence can be characterized by a vector autocorrelation function relating inflation and output. This article shows that a flexible‐price, general‐equilibrium business cycle model with money and a central bank using an interest rate target can account for such inflation persistence.