well as for creating a completely new monetary policy regime which will be based on two nominal anchors. …

The nominal effective exchange rate (EER) of a currency is an index of the tradeweighted average of its bilateral … exchange rates vis-à-vis the currencies of selected trading partners, while the real EER is derived by adjusting the nominal … index for relative prices or costs. The nominal EER provides a summary measure of a currency's external value, while the …

Heterogeneous-agent New Keynesian models with sticky nominal wages usually assume that wage-setting unions demand the … modification substantially lowers the effective stickiness of nominal wages, resulting in markedly different wage and inflation …