Some attendees asked for my slides so here they are.
A few explanations for those who weren’t there.
NIWG=non-inflationary wage growth, which I argued equals the the three factors you see there. What I’m calling “Bivens x” is Josh Bivens estimate that at current or even somewhat faster wage growth rates it would take a few years before the compensation share of national income was back to its pre-recession peak. This is another source, an underappreciated one, of NIWG.
The pictures in slide 5 just show my analysis of how wage growth is not bleeding into price growth. Details here.
The last slide mentions the FEPM: full employment productivity multiplier, explained here.