[...]This article explores the inflation puzzle andinvestigates whether compensation has acted as either atemporary restraint on inflation or as the underlying sourceof a new inflation regime.2 After reviewing the recent behavior of inflation, we specify and estimate a traditionalprice-inflation...

“Light” welfare states were perceived by some as one source of East Asian economicdynamism. Didier Jacobs has examined the strengths of several East Asian socialwelfare systems and the challenges they face after the financial crisis.Japan has a fully-fledged social welfare system. Yet her...