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This paper studies the implications of ination persistence (generated by backward-looking price setters) for monetary policy in a New Keynesian "input-output" model a model with sticky prices in both intermediate and nal goods sectors. Optimal policy under commitment depends on the degree of ination persistence in both sectors. Under discretion, speed-limit targeting targeting the change in the output gap outperforms price-level and ination targeting in the presence of ination persistence. If ination persistence is low in the intermediate goods sector, price-level targeting outperforms ination targeting despite high ination persistence in the nal goods sector.

Inflation Persistence, Backward-Looking Firms, and Monetary Policy in an Input-Output Economy