ABSTRACT. Wagner analyzes a channel of influence on monetary policy, which is based on an increase in competition through global economic integration. Yellen asserts that global factors may impact inflation in the medium term. Carlsson and Westermark assert that downward nominal rigidity implies that there is a potential relationship between wage negotiations today and in the future. Buch and Kleinert affirm that the effect of exchange rate changes is not as strong as for firms with low initial wealth because the wealth effect is not as important. Goodfriend and Prasad state that money would not constitute a good stand-alone nominal anchor for an economy that is undergoing major structural changes and financial innovations.



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