Abstract
This paper summarises the results of a quantitative study of the possible impact of downward nominal wage rigidity on the determination of inflation and output in the euro area and the existence of a non-vertical long-run Phillips curve. The study was undertaken in the context of the review of the ECB's monetary policy strategy in Spring 2003 and complements an investigation of the consequences of the zero-interest-rate bound for monetary policy-making in the euro area, the results of which are summarised in Coenen (2003).
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