A key building block of this class of models is the “New Keynesian Phillips curve”, which in its original incarnation relates current inflation to its expectation next period and to current real marginal cost.
(2016), “The Federal Reserve’s monetary policy toolkit: past, present and future”, remarks at  the Jackson Hole Economic Policy Symposium, Federal Reserve Bank of Kansas City; see also Reifschneider, D. (2016), “Gauging the ability of the FOMC to respond to future recessions”, Federal Reserve Board Finance and Economics Discussion Series 2016–068. 6/6  BIS central bankers' speeches