by In a blog post, Stephen Williamson argues that the US labor market is doing just fine. Given recent productivity growth, and the prospects for employment growth, output growth is going to be low. I’ll say 1.0%-2.0%. And that’s if nothing extraordinary happens. Though we can expect poor performance – low output and employment growth – relative to post-WWII time series for the United States, there is nothing currently in sight that represents an inefficiency that monetary policy could correct. That is, we should expect the labor market to remain tight, by conventional measures.
Topics:
Dirk Niepelt considers the following as important: employment, Labor market, Monetary Policy, Notes, Productivity, United States
This could be interesting, too:
Dirk Niepelt writes Does the US Administration Prohibit the Use of Reserves?
Dirk Niepelt writes “Report by the Parliamentary Investigation Committee on the Conduct of the Authorities in the Context of the Emergency Takeover of Credit Suisse”
Dirk Niepelt writes “Governments are bigger than ever. They are also more useless”
Dirk Niepelt writes The New Keynesian Model and Reality
In a blog post, Stephen Williamson argues that the US labor market is doing just fine.
Given recent productivity growth, and the prospects for employment growth, output growth is going to be low. I’ll say 1.0%-2.0%. And that’s if nothing extraordinary happens.
Though we can expect poor performance – low output and employment growth – relative to post-WWII time series for the United States, there is nothing currently in sight that represents an inefficiency that monetary policy could correct. That is, we should expect the labor market to remain tight, by conventional measures.