ABSTRACT. Wagner analyzes a channel of influence on monetary policy, which is based on an increase in competition through global economic integration. Davig assesses the implications for optimal discretionary monetary policy if the slope of the Phillips curve changes. Carlsson and Westermark develop a New Keynesian model with staggered price and wage setting where downward nominal wage rigidity (DNWR) arises endogenously through the wage bargaining institutions: the optimal (discretionary) monetary policy response to changing economic conditions then becomes asymmetric.