摘要:
The world economy is just starting to emerge from the second trough of a “W‐shaped” recession. Compared with the experience after the first oil shock, when industrial production fell by 12 per cent, bringing inflation quickly down from 14 per cent into single figures. the 1980 world recession was mild. Between the first and third quarters industrial output fell 5 per cent; it recovered in the fourth quarter and inflation stopped falling. As a result governments‐and this is especially true of the United States‐look “another bite at the cherry”: monetary policy was tightened and interest rates rose. The effect over the last six months has been to produce a second dip in output. The renewed attack on inflation has, however, been successful and inflation is now well in single figures and falling. Consequently a general easing of policy is evident and a recovery of output in the second half of 1982 and into 1983 remains
ISSN:0140-489X
DOI:10.1111/j.1468-0319.1982.tb00812.x
出版商:Blackwell Publishing Ltd
年代:1982
数据来源: WILEY