Chilean paper on inflation persistence

This paper measures persistence of inflation in Chile and finds that it has increased sharply in recent years.

"For the sample period between August 1998 and July 2008 we found that the half life of a shock to headline inflation is about 3 years," the author argues. "This is much higher that the half life of about 1 year computed in previous sample periods."

This result is found to be even stronger when a measure of core inflation, excluding food and energy, is considered.

The author concludes

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