Inflation Persistence, Monetary Policy, and the Great Moderation
用动态新凯恩斯模型证明，美国1980年代初以来通胀持续性下降，是因为技术冲击波动减小且央行更积极应对通胀。
There is growing evidence that the empirical Phillips curve within the United States has changed significantly since the early 1980s. In particular, inflation persistence has declined sharply. This paper demonstrates that this decline is consistent with a standard dynamic New Keynesian (DNK) model in which: (i) the variability of technology shocks has declined and (ii) the central bank more aggressively responds to inflation.