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Profits have replaced labour costs as a leading indicator of inflation, Bank for International Settlements working paper says

New zealandUnited statesPaul donovanEnisse kharroubiAdrian orrFrank smetsInternational settlementsAlexandre lamfalussy senior researchMonetary policyEuropean central bankDepartment of economics ghent universityProfit driven inflationLamfalussy senior research fellowDirector generalNew keynesianInterest podcast