(2007) (“Real Wage Rigidities and the New Keynesian model”; Journal of Money, Credit and Banking, Vol. 39, pp. 35–65) to refer to closed economy models where all gaps can be easily closed by policy-makers. More generally, it has been used to describe all cases, also in open economy models, where trade-offs are absent or negligible.
8  See, for example, Dedola, L., P. Karadi & G. Lombardo (2013), “Global implications of self-oriented unconventional policies”, Journal of Monetary Economics, forthcoming. 9  See B. Eichengreen (op. cit.).