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Article: Volcker-Reagan rerun.(The Monetary Realist)(economic aspects of United States)
- Article from:
- The International Economy
- Article date:
- June 22, 2008
- Author:
CopyrightCOPYRIGHT 2008 International Economy Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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[ILLUSTRATION OMITTED]
There has been a competition for the most apt historical analogy to the present macroeconomic situation: some liken it to the 1960s for guns and butter problems, some to the 1970s for oil shocks and stagflation, and some even to the 1930s for the potential long-lasting contraction supposedly to come. Actually, the clearly comparable episode to today's situation is the Volcker-Reagan episode of the early 1980s, with currently us sitting in 1979. The good news is that means the present economic challenge is both comprehensible and manageable with current policy tools. The bad news is that we are in for some unpleasant times to come, given the ...
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