Irrelevant. The IMF study used data from the 1970s onward to the 2010s, at which point NAIRU (non-accelerating inflation rate of unemployment) has already been pushed heavily by the IMF and OECD after the collapse of the Bretton Woods to many developed and developing economies. Neoliberalism was already in full force, of course wage is catching up to the inflation because wage growth has already been pre-emptively crushed under the NAIRU framework!
Also funny that IMF is being quoted here because that’s literally IMF justifying how their neoliberal framework was the correct one.
Applying our definition to the data sample with aggregate nominal wages identifies 79 episodes. The first episode is identified in 1973, and the last in 2017 (Table 3.2). When using the narrower but more widely available wage concept covering only the manufacturing sector, 100 episodes are identified (Table A.4). Episodes with price and wage accelerations has become less prevalent since the 1970s (Figure 3.1). This pattern is clearest when using the narrower wage concept, given the longer time-coverage of this variable (Figure 3.1, panel B).
Irrelevant. The IMF study used data from the 1970s onward to the 2010s, at which point NAIRU (non-accelerating inflation rate of unemployment) has already been pushed heavily by the IMF and OECD after the collapse of the Bretton Woods to many developed and developing economies. Neoliberalism was already in full force, of course wage is catching up to the inflation because wage growth has already been pre-emptively crushed under the NAIRU framework!
Also funny that IMF is being quoted here because that’s literally IMF justifying how their neoliberal framework was the correct one.
lmao, guess what happened in the 1970s?