; capacity utilisation ; capacity constraints ; demand constraints ; non-linear Phillips curve ; Switzerland …This paper analyses the interplay of capacity utilisation, capacity constraints, demand constraints and price … reluctant to reduce prices in response to demand constraints. At the macro level, the implied capacity-utilisation Phillips …

This paper analyses the interplay of capacity utilisation, capacity constraints, demand constraints and price … reluctant to reduce prices in response to demand constraints. At the macro level, the implied capacity-utilisation Phillips … curve has a convex shape during periods of excess demand and a concave shape during periods of excess supply. Our results …