Modern economic structures require macroeconomic frameworks that acknowledge supply-chain complexity, as demonstrated by recent disruptions. The ChaMP Research Network's findings highlight the value of production network models and firm heterogeneity. These models capture input-output relationships, revealing how shocks propagate based on network structure and sector centrality. Differences in price and wage flexibility also influence shock persistence. Supply shocks amplify inflationary effects, while demand shocks, including monetary policy ones, are dampened. Large shocks can introduce nonlinearities like a steeper Phillips curve. This necessitates analyzing risks to the inflation outlook, aligning with ECB strategy. Production networks and heterogeneity create trade-offs between stabilizing inflation and output gap. Simultaneously stabilizing both requires careful fiscal policy. Incorporating production networks offers a more nuanced and policy-relevant framework for monetary policy.