Taking the simplest case of an AR(1) model, the implied long-run mean of the inflation rate is a function of the intercept and the autoregressive parameter. The latter can be seen as a measure of the degree of persistence: if the autoregressive parameter is small, there will be a strong tendency for the process to return to its long-run mean.
Barry Whiteside: Microfinance initiatives in Fiji Opening address by Mr Barry Whiteside, Governor of the Reserve Bank of Fiji, at the launch of the 2014 Microfinance Awards, Reserve Bank of Fiji, Suva, 2 June 2014.