In terms of inflation pressures arising from labour and goods markets, it would be appropriate to consider inflation expectations across firms and households which are engaged in these markets. Economic experts, meanwhile, may be better informed about monetary policy and central bank intentions. And their forecasts could also provide guidance to other agents.
Over the last two decades, for example, the average contribution to real GDP growth from growth of the working-age population has been approximately 0.8 percentage point higher in the United States than in the euro area. Looking ahead, the euro area faces the prospect of an ageing population, so that the labour force could become an important constraint on trend growth.