Stalling wage disinflation  Turning to the third trend, the next graph shows the changing relations between unemployment and wage inflation in the United States. Wage inflation for a given unemployment rate steadily declined in the service industries from the early 1980s into the mid-2000s. In other words, there was a pronounced downward drift in the short-term Phillips Curve.
I think that great credit is due to the Croatian Monetary Institute on the excellence of their work. The end result they have achieved fully validates the comments made originally in 1927 and, in my view, does full justice to the excellence of Ivan Mestrovic’s art. Quality design is never diminished by the passing of the years.