relation between their current wages and their past wages, adjusted for inflation. We call this the post-crisis Phillips Curve …

relative contraction in credit supply, associated with lower average wages and employment. These effects are heterogeneous … higher-paid workers see a relative decline in wages. Between firms, wages fall by more at initially higher-paying employers …

correlations between labor market tightness and wages weakened noticeably. This change was accompanied in a break in the … relationship between wages and prices, so wage inflation has become a much less important determinant of price inflation …

correlations between labor market tightness and wages weakened noticeably. This change was accompanied in a break in the … relationship between wages and prices, so wage inflation has become a much less important determinant of price inflation …