Did the underlying behaviour of inflation change in the 1980s? A study of 17 countries

Did the Underlying Behaviour of Inflation Change in the 1980s? A Study of 17 Countries. - Have the ERM member countries experienced a regime change to a lower degree of persistence for inflation in the 1980s compared to the 1970s? Some results give the impression that deflationary policies associated with ERM membership may have reduced the mean level of inflation, but did not reduce the persistence parameter over the last decade. However, other results show that the persistence parameter does decline for a majority of ERM members. Surprisingly, the results also show stronger evidence of a fall in inflation persistence for some non-ERM countries who adopted a strong anti-inflationary stance over the same period.