The paper by Gilchrist, Schoenle, Sim, and Zakrajsek (2015) emphasizes the role of higher mark-ups of liquidity-constrained firms. In particular it shows that facing financial distress in the absence of devaluation, firms in financially weak countries have an incentive to raise their prices to cope with liquidity shortfalls.
Another way of solving the “missing disinflation” puzzle is suggested in a paper by Coibion and Gorodnichenko (2015). Namely, these authors propose using household expectations from surveys to measure inflation expectations, explaining the rise in household inflation expectations in 2009 to 2011 by the increase in oil prices.