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New Evidence on Inflation Persistence and Price Stickiness in the Euro Area: Implications for Macro Modeling
Ignazio Angeloni, Luc Aucremanne, Michael Ehrmann, Jordi Galí, Andrew Levin and Frank Smets
Journal of the European Economic Association
Vol. 4, No. 2/3, Papers and Proceedings of the Twentieth Annual Congress of the European Economic Association (Apr. - May, 2006), pp. 562-574
Stable URL: http://www.jstor.org/stable/40005122
Page Count: 13
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This paper evaluates new evidence on price-setting practices and inflation persistence in the euro area with respect to its implications for macro modeling. It argues that several of the most commonly used assumptions in micro-founded macro models are seriously challenged by the new findings.
Journal of the European Economic Association © 2006 Wiley