Before revision:  Embedded in a New Keynesian model as a replacement for the usual pricing frictions, our theory produces monetary-policy nonneutrality: when monetary policy loosens and inflation rises, customers misperceive markups as higher and feel unfairly treated;
After revision:  Embedded in a New Keynesian model as a replacement for the usual pricing frictions, our theory produces monetary nonneutrality: when monetary policy loosens and inflation rises, customers misperceive markups as higher and feel unfairly treated;