We have seen the impact of higher crude oil prices on the domestic corporate goods price index, which marked a year-on-year increase of 1.6 percent in July, the largest since the latter part of the bubble period. Higher crude oil prices are also affecting the CPI through the rise in prices of gasoline and other petroleum-related products.
2 In his 2012 Galbraith Lecture, Mike McCracken noted, “By ‘full employment,’ I mean that everyone who wants a job can find one that is acceptable in terms of compensation, safety, and other conditions of work.” See Mike McCracken (2015), “The Search for Full Employment” (Ottawa: Informetrica Limited, January), paper originally presented at the John Kenneth Galbraith Prize in Economics Lecture, delivered in the Progressive Economics Forum session at the Canadian Economics Association meetings, held in Calgary, June 2012, https://progressive-economics.ca/wp-content/uploads/2007/06/McCracken-GalbraithLecture.pdf.