Firms thus came to prioritize a stance of maintaining stable selling prices by holding down wage costs.5 This seems to have caused the zero price and wage norm -- the belief that both prices and wages do not rise -- to take root among firms and households.
This zero price and wage norm, which had been deeply entrenched, seems to finally be shifting under the impact of a so-called big push -- an exogenous shock from the rise in imported goods prices stemming from global inflation.