Real output and unit labor costs as predictors of inflation
Granger-causality tests used here find that:  unit labor costs add no predictive power to inflation forecasts; and  the gap between actual and potential output does help predict inflation, but only in the short run.
Volume (Year): (1990)
Issue (Month): Jul ()
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- Beveridge, Stephen & Nelson, Charles R., 1981. "A new approach to decomposition of economic time series into permanent and transitory components with particular attention to measurement of the `business cycle'," Journal of Monetary Economics, Elsevier, vol. 7(2), pages 151-174.
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"Price Inertia and Policy Ineffectiveness in the United States, 1890-1980,"
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University of Chicago Press, vol. 90(6), pages 1087-1117, December.
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