The persistence of inflation in the United States

By Frédéric Pivetta, Ricardo Reis. 2007

348 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/5bddcbb993df7b60473befbfe3dbb3504574d9d3

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In Economics and Econometrics

Citations in the corpus

Can aggregation explain the persistence of inflation (2009, methodology): “This is a clear warning against the näıve use of average-median micro parameters in calibrating macro models; (ii) they shed further light on the long standing debate on the persistence of inflation (see Pivetta and Reis, 2007, and reference therein).”
Macroeconomic Forecasting and Structural Change (2010, methodology): “For instance, Cogley, Primiceri, and Sargent (2008) find that the Phillips curve is reestablished once the trend component of inflation is correctly estimated. The model we use in this paper is sufficiently general and flexible to allow for all the kinds of structural change previously discussed. In”
The Macroeconomics of Trend Inflation (2014, background): “As noted by Reifschneider and Williams (2000) and demonstrated by Eggertsson and Woodford (2003), such a rule is a poor form of policy when the zero bound binds because it is a commitment to a purely forwardlooking policy.”
Adaptive models and heavy tails with an application to inflation forecasting (2017, result): “Pivetta and Reis, 2007). Noticeably, the specifications with Student-t distribution considerably outperform the ones with Gaussian innovations, both in terms of the likelihood values and information criteria. The estimates of the degrees of freedom υ, between 4 and 6, depict a remarkable difference ”
Monetary Policy Regime Shifts and Inflation Persistence (2009, neutral): “While Cecchetti and Debelle (2006), Clark (2006), Levin and Piger (2006), and Pivetta and Reis (2007) question the statistical significance of the decline in inflation persistence, Cogley et al. (2010) provide evidence for changes in inflationgap persistence using both univariate and multivariate…”
Using Mean Reversion as a Measure of Persistence (2005, positive): “The use of this statistic as a measure of persistence is criticised both in Andrews and Chen (1994) and in Pivetta and Reis (2001).”
Measuring Inflation Persistence: A Structural Time Series Approach (2005, neutral): “First, O’Reilly and Whelan (2004) and Pivetta and Reis (2004) use rolling regressions to allow for shifts in the mean of inflation over different sub-samples.”
Monetary Policy Inertia: Fact or Fiction? (2006, positive): “For evidence on this point and references to the voluminous literature, see Rudebusch (1992), Rudebusch and Svensson (1999), and Pivetta and Reis (2006). (39)Macroeconomic data surprises relative to surveys of market participants may help but are clouded by information in revisions to earlier data.”