I posted this graph at Maclean's earlier today:
The hook of the piece was that Canadian real wages had increased in Canada, and I made the point that this increase was largely due to the Bank of Canada's undershooting its inflation target.
I went to the FRED site and put together a similar graph, using two wage measures that seemed fairly broad:
This looks a lot like what the macro I used to teach 20 years ago would have predicted: the goal of monetary policy in times like these is to engineer an economy-wide wage cut, be it by increasing the price level, depreciating the currency, or both. Labour demand curves slope down.