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Prospects for Individual Economies

Published online by Cambridge University Press:  01 January 2020

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Abstract

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Type
The World Economy
Information
National Institute Economic Review , Volume 230 , November 2014 , pp. F13 - F22
Copyright
Copyright © 2014 National Institute of Economic and Social Research

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References

Notes

2 Draghi, Mario, ‘Unemployment in the euro area’, 22 August, 2014: http://www.ecb.europa.eu/press/key/date/2014/html/sp140822.en.html. See also Draghi, Mario, ‘Recovery and Reform in the Euro Area, 9 October, 2014: http://www.ecb.europa.eu/press/key/date/2014/html/sp141009.en.html

3 Yellen, Janet, ‘Labor Market Dynamics and Monetary Policy’, 22 August, 2014: http://www.federalreserve.gov/newsevents/speech/yellen20140822a.htm.

4 See Blanchflower, David G. and Adam S. Posen, ‘Wages and Labor Market Slack: Making the Dual Mandate Operational’, Peterson Institute of International Economics, September 2014: http://www.iie.com/publications/wp/wp14-6.pdf.

5 Blanchflower and Posen (op.cit.) argue that a rate of wage inflation should be adopted by the Fed as an intermediate target, ‘paralleling on the real activity side the de facto inflation targets on the price stability side’.

6 Quarterly growth in the third quarter was 1.9 per cent (7.8 per cent annualised), marginally lower than in the second quarter but slightly higher than in the first quarter of this year and in three of the four quarters of 2013.