As a result, nominal wages continue to grow at a rate of about 2–4 percent irrespective of the phase of the economic cycle, and the U.S. economy is unlikely to fall into deflation since excess supply is unlikely to continue.
Our Accord for Sustained Growth is all about mobilising economic forces for satisfactory long-term growth by focusing domestic policy on three tasks in particular: establishing and maintaining monetary and financial stability; enhancing domestic and international competition; and empowering people to participate.