The Roaring Nineties

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ROARING NINETIES
"Two of America's most distinguished economists have brought together a stellar group of
experts to analyze a remarkable decade. Such a confluence of superlatives should lead to an
outstanding book, and indeed it has. In the 1990s the job machine ran full blast. What hap-
pened to wages, productivity, and inequality? And what can we expect in the years to come?
This superb book will be the standard reference on these questions and will guide the thinking
of professional economists and policy makers alike."
—paul osterman, nanyang professor of human resources and management,
sloan school of management, massachusetts institute of technology
"What enabled the United States to combine high employment and low inflation during the sec-
ond half of the 1990s? Can we hope to repeat this success during future economic expan-
sions? The Roaring Nineties brings together many of our country's finest economists to explore
these questions. Their essays... Tovább

Fülszöveg

ii?mi§iit
ROARING NINETIES
"Two of America's most distinguished economists have brought together a stellar group of
experts to analyze a remarkable decade. Such a confluence of superlatives should lead to an
outstanding book, and indeed it has. In the 1990s the job machine ran full blast. What hap-
pened to wages, productivity, and inequality? And what can we expect in the years to come?
This superb book will be the standard reference on these questions and will guide the thinking
of professional economists and policy makers alike."
—paul osterman, nanyang professor of human resources and management,
sloan school of management, massachusetts institute of technology
"What enabled the United States to combine high employment and low inflation during the sec-
ond half of the 1990s? Can we hope to repeat this success during future economic expan-
sions? The Roaring Nineties brings together many of our country's finest economists to explore
these questions. Their essays are uniformly instructive, and both their shared conclusions and
their disagreements add precision to the questions that future research must address. Neither
academic economists nor policy makers can afford to ignore this state-of-the-art collection."
—william a. galston, professor, school of public affairs, university of maryland
"Is there an inflation-safe unemployment rate? This question matters for our nation's economic
health. The Roaring Nineties convinces us that even where science does not have definitive
answers, it has the power to deepen public discourse by sweeping away misleading clichés,
guesses, and political spin." —kenneth prewitt, dean, graduate faculty, new school university
The positive social benefits of low unem-
ployment are many—it helps to reduce
poverty and crime and fosters more sta-
ble families and communities. Yet con-
ventional wisdom—bom of the stagfla-
tion of the 1970s—holds that sustained
low unemployment rates run the risk of
triggering inflation. The last five years of
the 1990s—in which unemployment
plummeted and inflation remained low—
called this conventional wisdom into
question. The Roaring Nineties provides
a thorough review of the exceptional eco-
nomic performance of the late 1990s
and asks whether the new economy has
somehow wrought a lasting change in the
inflation-safe rate of unemployment.
Led by distinguished economists
Alan B. Krueger and Robert Solow, a ros-
ter of respected economic experts ana-
lyzes the micro- and macroeconomic fac-
tors that lead to the unexpected coupling
of low unemployment and low inflation.
The more macroeconomically oriented
chapters clearly point to a reduction in
the inflation-safe rate of unemployment.
Among other contributors, Laurence Ball
and Robert Moffitt see the slow adjust-
ment of workers' wage aspirations in the
wake of rising productivity as a key factor
in keeping inflation at bay. Alan S.
Blinder and Janet L. Yellen credit sound
federal monetary policy with making the
best of fortunate circumstances, such
as lower energy costs, a strong dollar,
and a booming stock market. Vissza