Lown, Cara S.; Rich, Robert W. - Federal Reserve Bank of New York - 1997
This paper investigates the issue of an "inflation puzzle", or the lack of an acceleration in inflation during the … current expansion. Our findings indicate that while inflation has appeared to be unusually low, we can account for this … compensation growth during the period 1992-94 was a major contributor to the low level of inflation observed through late 1995 …