Edge, Rochelle M.; Laubach, Thomas; Williams, John C. - Federal Reserve Bank of San Francisco - 2003
wage and price inflation. On the price front, we find that in our VAR inflation jumps in response to an identified … inflation inertia like that commonly found in models used for monetary policy evaluation. On the wage front, we find evidence … for significant inertia in wages and some intrinsic inertia in nominal wage inflation. Our results provide support for the …