of inflation affect inflation responses to monetary policy shocks, in scenarios chosen to capture broadly the conditions … on work by Woodford is used, allowing for positive trend inflation and cyclical variations in competitiveness in a … and cyclical changes in competitiveness on inflation in the short term, in high and low inflation environments. The paper …

s may affect inflation and economic activity. This paper considers the implications of this structural change on short …-run inflation dynamics, and for assessing shocks to inflation and output. The importance of firms' price-setting behaviour is … latter. The effects of mark-up shocks on inflation and output are small when firms' price-setting behaviour incorporates …

of four goals: inflation, output gap, the consumption gap between constrained and unconstrained agents, and the …

effects of increasing import competition and lower inflation on the markup. This paper offers evidence on the evolution of the …