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Development in inflation in the USA and the EU - 'New Economics'?

The core aspect of the new economics hypothesis is whether the socalled natural unemployment in the USA is lower than so far assumed, cf. the Box. In other words: is the following question relevant to an economic analysis: "Why is inflation not rising, in view of the present level of unemployment?". This question has been of increasing relevance in the USA in 1997, but does not yet apply to the EU where output is still a good deal below the capacity limit. Furthermore, periods of falling inflation in the EU coincide with periods of low growth and rising, or at best stagnating, unemployment.