Fuhrer, Jeffrey C.; Olivei, Giovanni P.; Tootell, … - Federal Reserve Bank of Boston - 2011
.S. experience with very low levels of inflation, (2) the most recent Japanese experience with deflation, and (3) recent U.S. micro …This paper discusses the likely evolution of U.S. inflation in the near and medium term on the basis of (1) past U … evidence on downward nominal wage rigidity. Our findings question the view that stable long-run inflation expectations and …