Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

One of the surprises noted in the Greenbook, Dave, was ECI and compensation in the first quarter—the increases were not as large as you had anticipated. I know that those numbers bounce around a lot quarter to quarter, but my impression has been that overall they have been coming in somewhat lower than anticipated for a while, especially given your estimate of the NAIRU. I do not know whether I have that right; but if I do, what do you think is going on there?

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