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Competitiveness, Inflation, and Monetary Policy
This paper examines the way in which structural changes in the level of steady-state competitiveness and the trend rate of inflation affect inflation responses to monetary policy shocks, in scenarios chosen to capture broadly the conditions of the UK economy in the early 1990s and more recently.
Link
http://www.bankofengland.co.uk/publications/workingpapers/wp246.pdf