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For a sample of US industries, nominal wage and price inflation follow aggregate price inflation closely during economic expansions. Hence, fluctuations in profit markup and real output are moderate in the face of expansionary demand shocks. During recessions, however, industrial nominal wage deflation exceeds that of the aggregate price level. This is in contras to producers’ attempt to maintain, or even increase, industrial real price inflation during recessions. Consistently, the increase in the profit markup is correlated with an increase in output contraction and a reduction in workers’ real standard of living during recessions.

Inflation --- Labor --- Macroeconomics --- Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) --- Wages, Compensation, and Labor Costs: General --- Price Level --- Deflation --- Wages, Compensation, and Labor Costs: Public Policy --- Methodology for Collecting, Estimating, and Organizing Macroeconomic Data --- Data Access --- Labour --- income economics --- Economic growth --- Wages --- Real wages --- Business cycles --- Wage indexation --- Prices --- Cost of living --- Cost and standard of living --- United States

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This paper uses micro data from the German Socio-Economic Panel to document that the wage structure in West Germany was remarkably stable during 1984-97, with little variation over time in wage or earnings inequality between and within different skill groups. Empirical evidence suggests that this stability is attributable to institutional factors rather than market forces. The rigidity of relative wages, despite relative shifts in labor demand that favor skilled workers, has resulted in sharp declines in employment rates for unskilled workers. The microeconomic evidence is shown to have important implications for interpreting trends in wage shares, capital-labor ratios, and aggregate unemployment.

Labor --- Macroeconomics --- Wage Level and Structure --- Wage Differentials --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Wages, Compensation, and Labor Costs: General --- Wages, Compensation, and Labor Costs: Public Policy --- Aggregate Factor Income Distribution --- Demand and Supply of Labor: General --- Labour --- income economics --- Wage structure --- Income inequality --- Wage adjustments --- Labor markets --- National accounts --- Income distribution --- Labor market --- Germany

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Fiscal policy has a strong foundation in the multiyear program of spending cuts, tax reforms, and deficit reduction in Germany. Germany's focus on actual, rather than cyclically adjusted, fiscal goals and outcomes carries the risk of rendering fiscal policy procyclical. The recent business and personal income tax reforms, pension reform, and product market reforms is commendable. But the potential benefits of these diverse reforms require a more proactive approach to labor market reform. The longer-term efficiency and functioning of the financial sector pose challenging issues.

Inflation --- Labor --- Macroeconomics --- Public Finance --- Taxation --- Wages, Compensation, and Labor Costs: General --- Demand and Supply of Labor: General --- Taxation, Subsidies, and Revenue: General --- Social Security and Public Pensions --- Energy: Demand and Supply --- Prices --- Labour --- income economics --- Public finance & taxation --- Pensions --- Labor markets --- Labor costs --- Wages --- Income tax systems --- Pension spending --- Taxes --- Expenditure --- Labor market --- Income tax --- Germany

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Norway showed exemplary economic performance over the past decade, as reflected in the strong economic growth and low inflation. Executive Directors commended this development, and stressed the need to maintain monetary and fiscal stances, improve efficiency, and corporate governance. They appreciated the Solidarity Alternative policy framework for preserving the competitiveness of the non-oil economy, and employment through a combination of incomes policy and prudent management of the country's oil wealth. They agreed that the country's economic statistics are adequate for surveillance purposes in their coverage, quality, and timeliness.

Investments: Energy --- Inflation --- Labor --- Macroeconomics --- Public Finance --- Fiscal Policy --- Wages, Compensation, and Labor Costs: General --- Energy: General --- Nonwage Labor Costs and Benefits --- Private Pensions --- Price Level --- Deflation --- Labour --- income economics --- Investment & securities --- Pensions --- Currency --- Foreign exchange --- Fiscal stance --- Wages --- Oil --- Fiscal policy --- Commodities --- Petroleum industry and trade --- Prices --- Norway

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The current slowdown in the Norwegian economy has followed an exceptionally prolonged phase of expansion. The current slowdown in economic growth is expected to continue. Over the longer term, the public finances face challenges as oil revenues begin to run out and pension liabilities escalate. Support to agriculture deserves high priority. There is scope to improve the performance of the labor market by liberalizing regulations and allowing for greater wage differentiation. The privatization initiatives should be pursued vigorously to improve efficiency and corporate governance.

Investments: Energy --- Inflation --- Labor --- Macroeconomics --- Public Finance --- Fiscal Policy --- Wages, Compensation, and Labor Costs: General --- Energy: General --- Nonwage Labor Costs and Benefits --- Private Pensions --- Price Level --- Deflation --- Labour --- income economics --- Investment & securities --- Pensions --- Currency --- Foreign exchange --- Fiscal stance --- Wages --- Oil --- Fiscal policy --- Petroleum industry and trade --- Prices --- Norway