Concluding, NPLs represent perhaps the most significant problem for the Greek banking sector along with liquidity (the two are of course interlinked).
Alternatively, that central bankers have been successful in anchoring inflation expectations. Jacob (forthcoming) finds that increases in the volatility of supply shocks may have contributed to an apparent flattening of the Phillips curve. 6 See Karagedikli & McDermott (2016) for research on Phillips curve specifications and the time-varying nature of  price setting.