Archive for the ‘Wages’ Category

The Tradeoff between Inflation and Unemployment: What We Don’t Know Can Hurt Us

July 28th, 2014

To assert that economists are having trouble figuring out the relationship between inflation and unemployment is like saying chefs can’t figure out what to do with salt and pepper.  It’s that fundamental.  Yet, we’re befuddled, and that has powerful policy implications. For example, a prominent macro economist recently suggested to me that we must have… Read more

A Quick Check-in on the Wage Front

July 25th, 2014

We don’t yet have all the data I need to update my full-monty-wage-mash-up, but a few series to which I pay attention are now available for the first half of the year: median weekly earnings (MWE) of full-time workers and two flavors of average hourly earnings.  What do they show? Not much, in terms of… Read more