Here is Stockman on Fed policy and jobs:
http://www.newsmax.com/Finance/DavidStockman/donald-trump-fed-rate-economy/2016/09/20/id/749137/
He seems to be arguing that Fed inflation generates disparate effects on various groups of prices. Jobs that are easier to outsource have lower nominal wage increases (I assume because of the competition of foreigners) than jobs that can’t be outsourced. The former, therefore, have stagnant real wages while the real wages of the latter go up.
