Why Has Inflation in the United States Remained So Low? Reassessing the Importance of Labor Costs and the Price of Imports
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Summary:
This paper examines some of the factors that have been influential in keeping inflation low in the United States during 1995–98, despite strong growth and high levels of employment. Our results identify three important variables: declines in import prices, a slowdown in the growth of nonwage labor compensation, and a decline in labor costs. We also reassess the role of labor costs and import prices in determining price inflation.
Series:
Working Paper No. 1999/149
Subject:
Import prices Inflation Labor Labor costs Labor share Prices
English
Publication Date:
November 1, 1999
ISBN/ISSN:
9781451856873/1018-5941
Stock No:
WPIEA1491999
Pages:
23
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