Why Has Inflation in the United States Remained So Low? Reassessing the Importance of Labor Costs and the Price of Imports
IMF Working Papers, November 1, 1999
Source details
- Canonical URL
- 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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Bibliographic details
- Authors: Jorge A Chan-Lau, Stephen Tokarick
- Published: November 1, 1999
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451856873.001
Summary and research question
- Examines factors that kept inflation low in the United States during 1995–98 despite strong growth and high levels of employment.
- Reassesses the role of labor costs and import prices in determining price inflation.
Key findings
- Identifies three important variables associated with low inflation in 1995–98:
- Declines in import prices.
- A slowdown in the growth of nonwage labor compensation.
- A decline in labor costs.
Subject areas and keywords
- Subject: Import prices, Inflation, Labor, Labor costs, Labor share, Prices
- Keywords: consumer price inflation, cost, Import prices, Inflation, inflation puzzle, labor cost, labor costs, Labor share, Phillips curve, price, proxying inflation expectation, salary, salary component, wage inflation, wage Phillips curve, WP
Publication and metadata
- Authors: Jorge A Chan-Lau, Stephen Tokarick
- Date: November 1, 1999
- Series: Working Paper No. 1999/149
- Issue: 149
- Volume: 1999
- Pages: 23
- DOI: https://doi.org/10.5089/9781451856873.001
- Stock No: WPIEA1491999
- ISBN: 9781451856873
- ISSN: 1018-5941
- Citation preview included: Jorge A Chan-Lau, and Stephen Tokarick. "Why Has Inflation in the United States Remained So Low? Reassessing the Importance of Labor Costs and the Price of Imports", IMF Working Papers 1999, 149 (1999), accessed 8/29/2026, https://doi.org/10.5089/9781451856873.001
IMF Working Paper No. 1999/149 — Jorge A Chan-Lau and Stephen Tokarick