Economic Policy and the Great StagflationEconomic Policy and the Great Stagflation discusses the national economic policy and economics as a policy-oriented science. This book summarizes what economists do and do not know about the inflation and recession that affected the U.S. economy during the years of the Great Stagflation in the mid-1970s. The topics discussed include the basic concepts of stagflation, turbulent economic history of 1971-1976, anatomy of the great recession and inflation, and legacy of the Great Stagflation. The relation of wage-price controls, fiscal policy, and monetary policy to the Great Stagflation is also e. |
Common terms and phrases
acceleration of inflation actual aggregate demand aggregate supply annual rate average behavior billion Brookings Papers budget catch-up Chapter coefficients Consumer Price Index consumer spending consumption consumption function controls program deceleration December decline decontrol deflator distributed lag dollars Economic Activity economists effects of controls energy prices equation estimated expected factor Federal Reserve final sales fiscal drag fiscal policy FOMC food prices Goldfeld higher increase inflation rate inventory investment M₁ monetarists monetary and fiscal monetary growth monetary policy money growth rates money supply months MPS model Nixon non-food non-energy OPEC output Papers on Economic peak percentage points period permanent income permanent tax Phillips curve predictions President price controls price equation price level productivity quarters rate of inflation real GNP rebate recession recovery sector short run stagflation standard error suggest supply curve supply shocks Table tax changes tax cuts temporary tax trend wage-price controls wages