Using this approach, Gabriel has provided us with estimates of the top wealth shares in the United States over the last century.1 This influential work shows that wealth concentration in the United States was high at the beginning of the 20th century, fell from 1929 to 1978, and has continuously increased since then.
Based on the scenario implied by oil-price futures, total CPI inflation is expected to remain slightly above 2 per cent this year, and to move slightly below 2 per cent in the second half of 2006. In line with this outlook for growth and inflation, a reduction of monetary stimulus will be required over time.