When the only tool you have is a hammer, every problem looks like a nail. On Mon, Jan 5, 2015 at 3:33 PM, Eugene Coyle <[email protected]> wrote:
> I meant to provide a link, but see that it did not come through. > > Here is the link to the Fed bank's letter. > > > http://www.frbsf.org/economic-research/publications/economic-letter/2015/january/unemployment-wages-labor-market-recession/?utm_source=mailchimp&utm_medium=email&utm_campaign=economic-letter-2015-01-05 > > That will provide their approach. To paraphase, in previous recessions > wages fell, in the current one, wages didn't fall commensurately, so there > were "pent-up wage cuts" yet to be made. Made sense to them -- but not to > me. > > Gene > > > On Jan 5, 2015, at 2:13 PM, Robert Naiman <[email protected]> > wrote: > > > what? > > > > can anyone explain this, from their point of view? what is the logic, > from their point of view? > > > > > > > > Robert Naiman > > Policy Director > > Just Foreign Policy > > www.justforeignpolicy.org > > [email protected] > > (202) 448-2898 x1 > > > > On Mon, Jan 5, 2015 at 2:10 PM, Eugene Coyle <[email protected]> > wrote: > > The Federal Reserve in San Francisco has looked into the question of why > wage growth is so slow. > > > > I have not read the full letter but I think sharing the beginning with > you is very important. > > > > here it is: > > > > > > FRBSF Economic Letter > > > > 2015-01 January 5, 2015 > > Why Is Wage Growth So Slow? > > Mary C. Daly and Bart Hobijn > > > > Despite considerable improvement in the labor market, growth in wages > continues to be disappointing. One reason is that many firms were unable to > reduce wages during the recession, and they must now work off a stockpile > of pent-up wage cuts. This pattern is evident nationwide and explains the > variation in wage growth across industries. Industries that were least able > to cut wages during the downturn and therefore accrued the most pent-up > cuts have experienced relatively slower wage growth during the recovery. > > > > Read full article > > > > > > IT IS THOSE PENT-UP WAGE CUTS !!!!!! > > _______________________________________________ > > pen-l mailing list > > [email protected] > > https://lists.csuchico.edu/mailman/listinfo/pen-l > > > > _______________________________________________ > > pen-l mailing list > > [email protected] > > https://lists.csuchico.edu/mailman/listinfo/pen-l > > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l > -- Cheers, Tom Walker (Sandwichman)
_______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
