inflation and it responds very little to aggregate shocks; (vi) changes in inflation are mostly driven by movements in the … with the predictions of a menu cost model in a low-inflation environment in which idiosyncratic shocks are a more relevant …

changes does not change much with inflation and does not react much to aggregate shocks; (vi) changes in inflation are mostly … consistent with the predictions of a menu cost model in a low inflation environment where idiosyncratic shocks are a more …