195–222), and the connections (or lack thereof) between the labor share and traditional measures of slack (in the statistical sense) were highlighted in, among others, Michael T. Kiley (2007), “A Quantitative Comparison of Sticky-Price and Sticky-Information Models of Price Setting”, Journal of Money, Credit and Banking, vol. 39 (February), pp. 101–25; and Michael T. Kiley (2013), “Output Gaps”, Journal of Macroeconomics, vol.
37 (September), pp. 1–18. Moreover, recent research has highlighted the challenges that swings in the labor share have presented for the interpretation of inflation developments (for example, Marco Del Negro, Marc P. Giannoni, and Frank Schorfheide (2014), “Inflation in the Great Recession and New Keynesian Models”, NBER Working Paper Series 20055 (Cambridge, Mass. : National Bureau of Economic Research, April)).