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| Author: | Anagnostopoulos, A. (et al.) |
| Title: | An evolutionary theory of inflation inertia |
| Journal: | Journal of the European Economic Association
2007 : APR/MAY, VOL. 5:2-3, p. 433-443 |
| Index terms: | inflation theories models |
| Language: | eng |
| Abstract: | This study provides a simple theory of inflation inertia in a staggered price setting framework of Calvo (1983). Contrary to C.'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 money growth rate. |
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