The Structuralist Perspective on Real Exchange Rate, Share Price Level and Employment Path: What Room is Left for Money?

@inproceedings{Phelps2004TheSP,
  title={The Structuralist Perspective on Real Exchange Rate, Share Price Level and Employment Path: What Room is Left for Money?},
  author={Edmund S. Phelps and Hian Teck Hoon and Gylfi Zoega},
  year={2004}
}
The current sluggish performance of the US economy follows one of the more remarkable booms in modern history. The late 1990s was a period of simultaneous output and productivity growth, low unemployment and stable inflation, culminating in an unemployment rate of only 3.9% in the fourth quarter of the year 2000. The absence of rising inflation during this period came as a surprise to many since the level of the natural rate of unemployment was commonly estimated to be in the range of 5-6% by… CONTINUE READING