Exchange Rate Regimes and Shifts in Inflation Persistence: Does Nothing Else Matter?
重新检验了Alogoskoufis和Smith（1991）关于汇率制度导致通胀持续性剧增的结论，利用英、美、加、瑞四国长期数据，发现战争、油价冲击和央行改革等其他因素同样能解释通胀持续性的变化。
This paper reexamines the findings of George S. Alogoskoufis and Ron Smith (1991), who argue that sharp increases in inflation persistence can be attributed to changes in the exchange rate regime. Using long time series data from the United Kingdom, the United States, Canada, and Sweden, the authors suggest that these authors' emphasis on a post-1967 shift in inflation persistence is misplaced and that there are other equally good candidates to account for changes in inflation persistence, such as wars, oil price shocks, and central bank reforms. This conclusion is supported by recently developed tests that allow for multiple structural shifts at unknown dates.