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David Meenagh Patrick Minford Eric Nowell Prakriti Sofat Naveen Srinivasan 《Economic Modelling》2009,26(5):978-992
It has been widely argued that inflation persistence since WWII has been widespread and durable and that it can only be accounted for by models with a high degree of nominal rigidity. We examine UK post-war data where after confirming previous studies' findings of varying persistence due to changing monetary regimes, we find that models with little nominal rigidity are best equipped to explain it. 相似文献
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David Meenagh Patrick Minford Eric Nowell Prakriti Sofat 《Journal of International Money and Finance》2010
This paper establishes the ability of a Real Business Cycle model to account for UK real exchange rate behaviour. The model is tested by the method of indirect inference, bootstrapping the errors to generate 95% confidence limits for a time-series representation of the real exchange rate, as well as for various key data moments. The results suggest RBC models can explain real exchange rate movements. 相似文献
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