Reflation and Austerity: Economic Policy Under Mitterrand
In this volume, revised and updated for this English-language edition, the authors provide a well-documented analysis of the economic policy of the Mauroy and Favius governments during the period 1981-1986. From a Keynsian standpoint, they analyse French economic policy using quantitative data from their own econometric models as well as from other sources. They place their study firmly within the framework of recessions brought on by the two oil crises of the 1970s and of constraints imposed by the international environment, particularly US fiscal policy. Devaluations, employment policy, austerity policy and the control of inflation and public spending are also addressed."
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Understanding the Economic Crisis 7
Reflation Runs Into Difficulties
Unavoidable External Constraints
4 other sections not shown
31 December adjustment analysis annual austerity average balance of trade billion francs boost borrowing budgetary capital classical unemployment competitivity constraints consumer prices consumption cost currency debt December Deutschmark devaluation disindexation disinflation dollar domestic demand early retirement econometric economic crisis economic policy economiques employees ex ante exchange rate exports external balance external deficit factors fall Figure finance firms forecasts foreign France's freeze French economy growth households impact income increase industrial INSEE interest rates introduced investment job creation Keynesian measures ment minimum wage NAIRU OECD OECD countries offset oil shock OPEC overall period price rises production profits programme public sector real wages recession recovery reduction reflation saving second oil shock shorter working hours simulations situation slow-down social security social security contributions social welfare Source stagflation surplus Table terms of trade trade balance unemployed unemployment United Kingdom volume week welfare benefits welfare contributions West Germany worsening