matters for stabilization policy is the rate of inflation, not the rate of wage change. This paper provides new estimates of … result in the paper is that wage changes do not contribute statistically to the explanation of inflation. Deviations in the … growth of labor cost from the path of inflation cause changes in labor's income share, and changes in the profit share in the …

ideas. The coroner's evidence consists of the small standard deviation of the core inflation rate in the past two decades … despite substantial volatility of the unemployment rate, and in particular the common tendency of PC inflation equations to … predict ever greater amounts of negative inflation (i.e., deflation) over the years of labor-market slack since 2008 …

matters for stabilization policy is the rate of inflation, not the rate of wage change. This paper provides new estimates of … result in the paper is that wage changes do not contribute statistically to the explanation of inflation. Deviations in the … growth of labor cost from the path of inflation cause changes in labor's income share, and changes in the profit share in the …