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elevated inflation environmentSF Fed
•87% Informative
Inflation in the United States has reached levels not seen in decades , which can have implications for how wages are set.
Central banks face the challenge of bringing inflation down at a time when some of its main drivers are outside their control.
Workers may demand higher compensation to make up for their current loss of purchasing power and for expected future losses.
A worker’s bargaining position is likely to be strongest when the labor market is tight.
A common measure of labor market tightness is the difference between the unemployment rate and the natural rate of unemployment.
We use our selection of determinants as the basis for our empirical strategy.
To explore how the wage Phillips curve may have evolved over time, we split sample into two periods, before and after the onset of the pandemic.
The longer inflation and inflation expectations remain elevated, the higher and longer-lasting the pressures on wage growth are likely to be.
The influence of inflation expectations is being felt over a longer period of time, the authors say.
Jordà , Òscar, Celeste Liu , Fernanda Nechio , Fabian Rivera-Reyes, Fabián .
VR Score
95
Informative language
98
Neutral language
62
Article tone
formal
Language
English
Language complexity
58
Offensive language
not offensive
Hate speech
not hateful
Attention-grabbing headline
not detected
Known propaganda techniques
not detected
Time-value
long-living
External references
2
Source diversity
2
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