[...]In this article, we examine the wage-puzzle phenomenon ofthe 1990s. Specifically, we explore whether changes in paystructure can account for the behavior of CPH during thedecade. Labor markets have changed considerably over the pasttwenty years: workers today receive a higher portion of...

[...]This exercise is meant to give a quantitativeimpression of whether the interaction between inflationand short-term interest rates exhibits a pattern of behaviorafter the adoption of the inflation target that differsmarkedly from the pattern before.2 The unconditional forecastof each...