Edge, Rochelle M.; Laubach, Thomas; Williams, John C. - Federal Reserve Board (Board of Governors of the … - 2007
, such as price and wage inflation and measures of tightness or slack that do not depend on natural rates. … role for price stickiness, with
inflation declining upon impact by almost a percentage point. Wage rigidity, by contrast … responds less to natural-rate terms
and more to other variables, such as price and wage inflation and measures of tightness
or …