On the other hand, it could subject employers' wage decisions to much the same uncertainty that affects investment choices: firms would then be more likely tomisjudge how much wages should rise.
From the start, the home side started on the front foot but Hull should have scored after swiftly moving the ball along the line from 10 yards out only for Danny Tickle tomisjudge the crucial pass.
The authors argue that the costs of inflation are likely to show up at the first of these stages: firms will misjudge the overall rise in nominal wages.
So, while the Congressional Republicans are correct in their expectation that the party ultimately blamed for what is to befall the nation as a result of the sequester will pay a very serious price indeed, they badly misjudge the situation by imagining that they can pin this on the President.