Autori: Licandro, Omar , Anagnostopoulos, Alexis
Titolo: An Evolutionary Theory of Inflation Inertia
Periodico: European University Institute of Badia Fiesolana (Fi). Department of Economics - Working papers
Anno: 2006 - Fascicolo: 33 - Pagina iniziale: 1 - Pagina finale: 10

We provide a simple theory of inflation inertia in a staggered price setting frame- work a la Calvo (1983). Contrary to Calvo's formulation, the frequency of price changes is allowed to vary according to an evolutionary criterion. Inertia is the direct result of gradual adjustment in this frequency following a permanent change in the rate of money growth.


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