MacroVoices #383 Juliette Declercq: Update on Immaculate Disinflation Thesis
Macro Voices
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The Effects of COVID Temporary Shocks on the Labor Market
Real wage inflation is also a nonlinear convex function of spare labor capacity. In plain English, that means that real wages really start trending higher when you run out of spare workers or when an employment hits the narrow. The old age to working age population ratio will likely explode in most of the OECD in coming decades.
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