Again, the most logical explanation for this finding is that a clearly defined inflation target, coupled with central bank independence, has firmly anchored long-term inflation expectations, thus eliminating at the root the key cause of inflation persistence. 14  Nominal price rigidities need not imply inflation persistence.
For example, in a conventional simple NewKeynesian model with a Calvo-based Phillips curve, inflation is not inertial unless a backward-looking term is introduced in the Phillips curve itself. In this case, price-level inertia does not lead to inflation inertia.