Why Has Inflation in the United States Remained So Low? Reassessing the Importance of Labor Costs and the Price of Imports [electronic resource] / Jorge A Chan-Lau.
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TextSeries: IMF Working Papers; Working Paper ; No. 99/149Publication details: Washington, D.C. : International Monetary Fund, 1999Description: 1 online resource (23 p.)ISBN: 1451856873 :ISSN: 1018-5941Subject(s): Labor Costs | Labor Share | Labor Statistics | Phillips Curve | Price Inflation | United StatesAdditional physical formats: Print Version:: Why Has Inflation in the United States Remained So Low? Reassessing the Importance of Labor Costs and the Price of ImportsOnline resources: IMF e-Library | IMF Book Store Abstract: This paper examines some of the factors that have been influential in keeping inflation low in the United States during 1995-98, despite strong growth and high levels of employment. Our results identify three important variables: declines in import prices, a slowdown in the growth of nonwage labor compensation, and a decline in labor costs. We also reassess the role of labor costs and import prices in determining price inflation.
This paper examines some of the factors that have been influential in keeping inflation low in the United States during 1995-98, despite strong growth and high levels of employment. Our results identify three important variables: declines in import prices, a slowdown in the growth of nonwage labor compensation, and a decline in labor costs. We also reassess the role of labor costs and import prices in determining price inflation.
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