Tangentially related (2014): http://cepr.net/blogs/beat-the-press/wage-price-inflation-and-the-way-things-work-in-economics http://cepr.net/blogs/beat-the-press

Tangentially related (2014): http://cepr.net/blogs/beat-the-press/wage-price-inflation-and-the-way-things-work-in-economics http://cepr.net/blogs/beat-the-press/wage-price-inflation-an... "Thanks to the eccentricities of Alan Greenspan, the Fed did not raise interest rates. Instead it allowed the unemployment to continue to fall. It fell below 5.0 percent in 1997, it crossed 4.5 in 1998, and reached 4.0 percent as a year-round average. And inflation remained tame. The result was that millions of people had jobs who would not have otherwise. Tens of millions of workers at the middle and bottom of the wage distribution saw substantial real wage gains for the first time in a quarter century."