These days, economics can get very complicated, writes Jared Bernstein in a column for The Washington Post.
“So when a few important variables can be meaningfully boiled down to a simple but revealing relationship, we should take notice, where ‘we’ means everyone from workers who draw a paycheck to voters in an election year and officials at the Federal Reserve, especially Chair Janet Yellen, who is heading to Congress this week to testify on the Fed’s take on the economy and forthcoming monetary policy.”
The variables—labor market slack and wage growth—are, when put together, what Dartmouth professors David Blanchflower and Andrew Levin call “the wage curve,” Bernstein writes. Blanchflower is the Bruce V. Rauner Professor of economics, and Levin is a professor of economics.
Read the full story, published 2/8/16 by The Washington Post.