15 An analysis of the pattern of wage growth at the U.S. state level also suggests that subdued growth for the country as a whole probably reflects sluggish productivity or some other factor common to all states, because cross-state differences in wage growth are about what one would expect given cross-state differences in unemployment rates.
They were absent from macroeconomic models. The limitations of financial governance This thinking fed into the attitudes of national authorities for whom capital flows were considered to result from optimizing self-equilibrating markets, as I illustrated above.