interest.co.nz
•86% Informative
Bank for International Settlements working paper says profits have replaced labour costs as a leading indicator of inflation.
Back then, unit labour costs ( ULC ) were the main driver of GDP inflation, but more recently, unit profits (UP) have taken this role.
The paper, Monetary Policy with Profit-Driven Inflation , is authored by BIS senior economist Enisse Kharroubi and Frank Smets .
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