One increasingly popular explanation for the combination of low unemployment and subdued inflation is that we are in a new era in which technological innovation and fierce competition is curtailing inflation. Under this new paradigm, two sources of low inflation are cheaper imports from increased worldwide capacity and technological innovations that boost productivity growth. ; My presentation focuses on these new labor practices and whether they constitute a new labor paradigm. First, I will discuss how the rules of work and pay are changing and then why they are changing. Next, I will discuss how well these new rules are working by comparing the U.S. with other major nations. Finally, I will conclude by discussing the broader meaning of these changes.
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Article provided by Federal Reserve Bank of Dallas in its journal In Depth.