Investigating Inflation Persistence Across Monetary Regimes
发现，在英国、加拿大、瑞典、新西兰等通胀目标制国家，以及欧元区和瑞士的新货币体制下，通胀是纯粹前瞻性的，指数化参数为零或极低，质疑了美国二战后数据中通胀持续性的结构性特征。
Under inflation, targeting estimates of the indexation parameter in hybrid New Keynesian Phillips curves are either equal to zero, or very low, in the United Kingdom, Canada, Sweden, and New Zealand. Analogous results hold for the Euro area under the European Monetary Union, and for Switzerland under the new monetary regime: under stable regimes with clearly defined nominal anchors, inflation appears to be purely forward-looking. These results question the notion that the intrinsic inflation persistence found in post-WWII U.S. data is structural in the sense of Lucas (Carnegie-Rochester Conference Series on Public Policy, 1 [1976], 19–46), and suggest that "hardwiring" inflation persistence in macroeconomic models is potentially misleading.