This reflects the participation rates in the official labour force projections that we have used, as well as our assumption that the unemployment rate remains constant. These projected increases in labour utilisation are indicative only. Nevertheless these low increases gel with what we know.
"Oil Shocks and U.S. External Adjustment," unpublished paper, Board of Governors of the Federal Reserve System. Erceg, Christopher J., Dale W. Henderson, and Andrew T. Levin (2000). "Optimal Monetary Policy with Staggered Wage and Price Contracts", Journal of Monetary Economics, vol. 46 (October), pp. 281-313. Gordon, Robert J. (1998).