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Saturday, September 2, 2017

The labor market is not a reliable guide to policy

September 02, 2017 0 comments
A week ago I criticized an article in the Economist, which saw a "puzzle" in the co-existence of low unemployment and sluggish wage gains. I said there was no puzzle, as wage growth was slow because nominal GDP growth was slow. The labor market can eventually adjust to almost any (reasonable) trend...

The labor market is not a reliable guide to policy
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