Old Economic Logic in the New Economy

摘要

The American economy is enjoying its longest peacetime expansion. According to most standard indicators, the economy's macroeconomic Performance during the last five years has consistently been better Than forecast, better than expected, indeed better than most econo- Mists thought possible. Just five years ago, it was conventional wisdom that an Unemployment rate much below 6/100 would ignite inflationary pressures. The Unemployment rate has been below 5/100 over the past two years and below 5.5/100 over the past three years, and the inflation rate has fallen.