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ABSTRACT. Gnan and Valderrama affirm that, in a closed economy, the price level or inflation are influenced in the short run by the balance between domestic aggregate demand and the economy's production potential. Davig notices that short-run inflation dynamics have an important impact on the appropriate conduct of monetary policy. 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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