ABSTRACT. Davig derives a "switching" Phillips curve from the optimal pricing decision of a monopolistic firm that faces a changing cost of price adjustment. Gnan and Valderrama argue that, in recent years, inflation rates remained at low levels, despite massive increases in the prices of energy and raw materials. Berger et al. remark that the optimal policy response to an asset price boom may depend in a complex way on various economic determinants. Carlsson and Westermark write that downward nominal wage rigidity may not be a concern for real outcomes, if it is not a feature of low inflation environments.



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