Is there a unit root in the inflation rate? Evidence from sequential break and panel data models
用序列断点和面板数据模型检验13个OECD国家的通胀率是否平稳，发现单个国家检验仅4国平稳，但面板数据模型可强烈拒绝单位根假设，且结果对截面变异敏感。
Using sequential trend break and panel data models, we investigate the unit root hypothesis for the inflation rates of thirteen OECD countries. With individual country tests, we find evidence of stationarity in only four of the thirteen countries. The results are more striking with the panel data model. We can strongly reject the unit root hypothesis both for a panel of all thirteen countries and for a number of smaller panels consisting of as few as three countries. The non-rejection of the unit root hypothesis for inflation is very fragile to even a small amount of cross-section variation. © 1997 John Wiley & Sons, Ltd.