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ABSTRACT. Davig notices that short-run inflation dynamics have an important impact on the appropriate conduct of monetary policy. Wagner explains that, transitorily, the structural changes associated with the globalization process increase the uncertainty about the current state of the economy and about how the policy instruments affect inflation and economic activity. Carlsson and Westermark claim that downward nominal rigidity is a constraint that changes the choice set and opens up for potential welfare gains.

 

ELENA-MARIA TUDOR
 
 
 

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