Strong Employment, Low Inflation: How Has the US Economy Done So Well?

Rebecca Blank

Canadian Public Policy, 2000, vol. 26, issue s1, 175-186

Abstract: This paper reviews the strong economic news from the United States over the 1990s, with continuing economic growth in the presence of low unemployment and low inflation. This favourable unemployment- inflation trade-off has been possible in part because of a series of factors that kept price inflation low. In addition, a number of labour market changes have also allowed output (and employment) to grow without wage inflation. The paper explores a variety of theories about the long-run prospects for these trends to continue. The final section discusses some policy issues raised by this ongoing expansion.

Date: 2000
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