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Why Has Inflation in the United States Remained so Low? Reassessing the Importance of Labor Costs and the Price of Imports

  • Jorge A. Chan-Lau
  • Stephen Tokarick

This paper examines some of the factors that have been influential in keeping inflation low in the United States during 1995–98, despite strong growth and high levels of employment. Our results identify three important variables: declines in import prices, a slowdown in the growth of nonwage labor compensation, and a decline in labor costs. We also reassess the role of labor costs and import prices in determining price inflation.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 99/149.

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Length: 23
Date of creation: 01 Nov 1999
Date of revision:
Handle: RePEc:imf:imfwpa:99/149
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