Andy Harless: [T]he Medoff-Abraham paper… said was that there was not nearly as much “stag” in the stagflation as we thought. The labor market, it suggested, had been booming during much of the 1970’s despite the appearance of high unemployment. The implication was that the unemployment of the 1970’s was largely “structural”… once you realized that, the accompanying inflation shouldn’t surprise you.
Charles Lane Is Unhappy That the Fed Is Taking Steps to Create Jobs by Dean Baker
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