De Fiore, Fiorella; Tristani, Oreste - European Central Bank - 2009
increase not only with the output gap, but also with the credit spread and thenominal interest rate. Second, we find that … marginal
costs increase not only with the output gap, but also with the credit spread and the
nominal interest rate. Second …-Keynesian
model. A key difference is that marginal costs increase not only with the output gap,
but also with the credit spread and …