Cross-Country and Cross-Temporal Differences in Inflation Responsiveness

Abstract

This paper compares inflation behavior across widely separated time periods (extending back into the nineteenth century) and among a number of countries in an effort to shed some light on two questions: (i) To what extent do the similarities and differences in inflation behavior conform to or depart from the predictions of competing theoretical explanations with respect to such behavior? (ii) Is the short- and intermediate-run behavior of prices and wages in the United States more inflexible than in other advanced economies? The countries examined were the United States, Germany, the United Kingdom, Italy, and Sweden. Some of the major results and their implications are first summarized below. The evidence is then presented.

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