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Strong Employment, Low Inflation: How Has the US Economy Done So Well?

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  • Rebecca M. Blank

Abstract

This paper reviews the strong economic news from the United States over the 1990s, with continuing economic growth in the presence of low unemployment and low inflation. This favourable unemployment- inflation trade-off has been possible in part because of a series of factors that kept price inflation low. In addition, a number of labour market changes have also allowed output (and employment) to grow without wage inflation. The paper explores a variety of theories about the long-run prospects for these trends to continue. The final section discusses some policy issues raised by this ongoing expansion.

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  • Rebecca M. Blank, 2000. "Strong Employment, Low Inflation: How Has the US Economy Done So Well?," Canadian Public Policy, University of Toronto Press, vol. 26(s1), pages 175-186, July.
    • Handle: RePEc:cpp:issued:v:26:y:2000:i:s1:p:175-186
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    References listed on IDEAS

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    1. Bruce D. Meyer & Dan T. Rosenbaum, 2001. "Welfare, the Earned Income Tax Credit, and the Labor Supply of Single Mothers," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 116(3), pages 1063-1114.
    2. Lawrence F. Katz & Alan B. Krueger, 1999. "The High-pressure U.S. Labor Market of the 1990s," Working Papers 795, Princeton University, Department of Economics, Industrial Relations Section..
    3. Lawrence F. Katz & Alan B. Krueger, 1999. "The High-Pressure U.S. Labor Market of the 1990s," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 30(1), pages 1-88.
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    Cited by:

    1. Yesim Kustepeli, 2005. "A comprehensive short-run analysis of a (possible) Turkish Phillips curve," Applied Economics, Taylor & Francis Journals, vol. 37(5), pages 581-591.

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