seasonality in a given market, where consumers derive different utilities from the consumption of the good in different seasons … Differentiation, 1982). The authors take into consideration that investments are possible to reduce the degree of seasonality. They … seasonality as compared to private producers. The theoretical conclusion is consistent with empirical and anecdotical evidence …

allowing for output persistence, which is a feature of aggregate supply that, indeed, may make it impossible to correctly …

" - although they generate price inertia, they cannot account for the stylised fact of inflation persistence. It is thus commonly …-price staggering models can generate both substantial inflation persistence and a nonzero inflation-unemployment tradeoff in the long …