ABSTRACT. Carlsson and Westermark assert that downward nominal rigidity implies that there is a potential relationship between wage negotiations today and in the future. Berger et al. show that a globalization-induced flattening of the Phillips curve raises the maximum level of the real interest rate that central bankers are willing to endure in order to avoid a future financial market crisis. Reddy writes that there is greater coordination between central banks, fiscal authorities and regulatory bodies governing financial markets.



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