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stagflation ... the unusual conditionscausedstagflation 1970
Inflation High unemploymentledto stagflation in the 1970s
wage - push inflation(passive) was caused bythe stagflation of the 1970s
a host of economic disasters ... not least the huge nationalisations after the Second World War , and the stop‐go demand management policiesresultedin the stagflation of the 1970s
wage - price controlscausedU.S. stagflation in the 1970s
The double - digit inflation combined with recessioncausedstagflation " ) of the 1970s
the primary factorsledto stagflation in the 1970s
when social spending on the War on Poverty ( combined with a military budget bloated by the Vietnam War and the arms racecontributedto the stagflation of the 1970s
Oil Price Shocks , Monetary Policy and Stagflation " One of the central questions in recent macroeconomic history is to what extent monetary policy , as opposed to oil price shockscontributedto the stagflation of the 1970s
precisely the central bank mentalityledto stagflation of the 1970s
Former President Richard Nixon ’s 10 percent import surchargecontributedto the stagflation of the 1970s
foreign currencies ( which had traded on the US ’s managed standard system to hoard gold reserves ... the inflationcreatedthe 1970s stagflation
big fiscal and monetary stimulusledinto the stagflation of the 1970s
But , in a dynamic economy with agents continuously learning , the rise in inflation resulting from the policy errors and the activist approach to stabilization policy unmoored inflation expectationseventually resultingin the stagflation of the 1970s
Rising oil prices , Mideast conflicts and a U.S. president perceived as ineffectivecontributedto the stagflation of the 1970s
market rigidity caused by overbearing governments , fueled by Keynesian pump priming(passive) was caused byThe 1970′s stagflation
the interaction of policy errors and endogenous expectation formationcontributedto stagflation in the 1970s
By forcing the Fed to print money , he helpedcreatethe stagflation of the 1970s
a critique against the junk Keynesianismhad ledto the stagflation of the 1970s
10 Apr , 2007 , 12.12AM IST Rising oil prices , Mideast conflicts and a US president perceived as ineffectivecontributedto the stagflation of the 1970s
Lutz Kilian AbstractOne of the central questions in recent macroeconomic history is to what extent monetary policy as opposed to oil price shockscontributedto the stagflation of the 1970s
two oil shocks – the first precipitated by the 1973 Yom - Kippur War , the second by the 1979 Iran Revolution(passive) was largely triggered byThe 1970s stagflation
coverage views that had been current within the 1960sledto the stagflation of the 1970s
high oil prices , high inflation as well as unemployment , which contradicted the Keynesian economic theories that state that inflation have an inverse relationship with unemployment and a positive relationship with economic growth , causing Keynesian economists to reconsider their beliefs(passive) was caused bythe 1970s stagflation
For example , in the 1960s , LBJ 's profligate spending on unsuccessful Great Society social programs and the Vietnam War helpedcausethe stagflation of the 1970s
a wealth of factors including serial oil shocks that were ‘ blowback ’ from U.S. foreign policies and the reaction of oil - producing governments to the loss of a hard currency petrodollar peg when Richard Nixon ended the gold standard(passive) was caused bythe ‘ stagflation ’ of the 1970s
the conditions that we are witnessing today ... the conditions of the late 1960s and early 1970sledto the stagflation of the 1970s
its apparent rejection of old Labourism , nationalisation and the bastardised Keynesianismledto the stagflation of the 1970s
foolish economics policies of three presidents in a row — Nixon , Ford , and Carter(passive) was caused byThe stagflation of the 1970′s
the biggest ) factortriggeringstagflation in the late 70s
the oil supply shock from OPEC , not big government(passive) was clearly caused byStagflation in the 70s
too much government(passive) was caused bythe stagflation in the 1970s
big jumps in oil prices(passive) were triggered byRecessions in the 1970s
a price - wage spiral(passive) caused bythe 1970s " stagflation
an oil shocktriggeredthe stagflation of the 1970′s
poor government monetary policy and price controls(passive) was caused byThe stagflation of the 1970s
faster after vigorous Keynesian - style deficit spending failedto preventthe stagflation of the 1970s
Corporations ... the same kind of tax - code changescausedstagflation in the 1970 's
rapid growth in the monetary base(passive) was mostly caused byThe stagflation of the 1970s
guns & buttercreatedthe “ stagflation ... in the 70s
to the development of real business cycle models , which saw recessions as the efficient working of the economy , and central bank meddling as likely only to cause inflationledto the development of real business cycle models , which saw recessions as the efficient working of the economy , and central bank meddling as likely only to cause inflation
many economic commentators politiciansledmany economic commentators politicians
high unemployment.[citation neededcausedhigh unemployment.[citation needed
to a major rethinking of macroeconomics , all across the boardledto a major rethinking of macroeconomics , all across the board
high unemployment Unlike European countriescausedhigh unemployment Unlike European countries
a vicious spiral of higher inflationcreateda vicious spiral of higher inflation
early empirical macroeconomic models(passive) caused byearly empirical macroeconomic models
to a major change in policy direction , epitomized by the elections of Margaret Thatcher as UK Prime Minister in 1979 and Ronald Reagan as US President in 1981ledto a major change in policy direction , epitomized by the elections of Margaret Thatcher as UK Prime Minister in 1979 and Ronald Reagan as US President in 1981
from an adverse supply shockresultedfrom an adverse supply shock
from then - Fed Chairman Arthur Burns ' inflationary policies that coincided with Richard Nixon 's 1972 re - election effortsresultedfrom then - Fed Chairman Arthur Burns ' inflationary policies that coincided with Richard Nixon 's 1972 re - election efforts
to central bankingledto central banking
the monetarist counter - revolution ( e.g. Skidelsky , 1977provokedthe monetarist counter - revolution ( e.g. Skidelsky , 1977
to the adoption of growth targets for the monetary supply ( Friedman , 1970 ) , whose effectiveness was crucially dependent on the stability of the real demand for money and making sure that this demand exhibited low elasticity with respect to the interest rateledto the adoption of growth targets for the monetary supply ( Friedman , 1970 ) , whose effectiveness was crucially dependent on the stability of the real demand for money and making sure that this demand exhibited low elasticity with respect to the interest rate
in large partresultedin large part
alsoledalso
an opportunity for Reagan to convince republicans and eventually the country as a whole to fully embrace a totally different ideology that was much closer to Coolidge 's politics than it was Eisenhower 's or Nixon 'screatedan opportunity for Reagan to convince republicans and eventually the country as a whole to fully embrace a totally different ideology that was much closer to Coolidge 's politics than it was Eisenhower 's or Nixon 's
an opportunity for Reagan to convince republicans and eventually the country as a whole to fully embrace a totally different ideology that was much closer to Coolidge ’s politics than it was Eisenhower ’s or Nixoncreatedan opportunity for Reagan to convince republicans and eventually the country as a whole to fully embrace a totally different ideology that was much closer to Coolidge ’s politics than it was Eisenhower ’s or Nixon
the financial damage(passive) caused bythe financial damage
an opportunity for Reagan to convince republicans and eventually the country as a complete to totally embrace a totally totally different ideology that was a lot closer to Coolidge ’s politics than it was Eisenhower ’s or Nixoncreatedan opportunity for Reagan to convince republicans and eventually the country as a complete to totally embrace a totally totally different ideology that was a lot closer to Coolidge ’s politics than it was Eisenhower ’s or Nixon
both stocks and bonds to fall in tandemcausedboth stocks and bonds to fall in tandem
to the rise of monetarism at the expense of Keynesianismledto the rise of monetarism at the expense of Keynesianism
from long - term easy money policies at the Federal Reserveresultedfrom long - term easy money policies at the Federal Reserve
formerly left - leaning governments to adopt ‘ monetarist ’ policies , which now sound commonplace to any American in the modern agepromptedformerly left - leaning governments to adopt ‘ monetarist ’ policies , which now sound commonplace to any American in the modern age
to the realization that all economic problems could not be solved by focusingledto the realization that all economic problems could not be solved by focusing
the economic turbulence(passive) caused bythe economic turbulence
to a mood of national pessimismledto a mood of national pessimism
insteadledinstead
economists Milton Friedman and Edmund Phelpspromptedeconomists Milton Friedman and Edmund Phelps
intense pressure to find new avenues for rapid economic growthcreatedintense pressure to find new avenues for rapid economic growth
to a strong push to open up the financial system and give big firms more flexibility in the products they offered and the kind of companies they could merge withhad ledto a strong push to open up the financial system and give big firms more flexibility in the products they offered and the kind of companies they could merge with
to a questioning of its policy utility as wellledto a questioning of its policy utility as well
to a loss of influence by classical keynesian economics , and continuing tensions between keynesian economics and neoclassical economics led in the 1970s to the division between new keynesian economics and new classical macroeconomicsledto a loss of influence by classical keynesian economics , and continuing tensions between keynesian economics and neoclassical economics led in the 1970s to the division between new keynesian economics and new classical macroeconomics
to neoclassical economics – a modification of classical economics – taking center stage as a reaction against itledto neoclassical economics – a modification of classical economics – taking center stage as a reaction against it
in structural reforms during the Reagan administration , which nurtured the IT industry and led to stronger GDP growth in the enduring decadesresultedin structural reforms during the Reagan administration , which nurtured the IT industry and led to stronger GDP growth in the enduring decades
to a turn away from the Keynesian approach of using government budgets to manage the economyledto a turn away from the Keynesian approach of using government budgets to manage the economy
the conditions for the rise of Thatcherismcreatedthe conditions for the rise of Thatcherism
an excess demand for outputd rightward shift of the aggregate demand curveecausedan excess demand for outputd rightward shift of the aggregate demand curvee
to the demise of folk - Keynesianism at the hand of the ‘ monetaristscontributedto the demise of folk - Keynesianism at the hand of the ‘ monetarists
an environment that lit a fire under precious metal pricescreatedan environment that lit a fire under precious metal prices
to Mr Volcker ’s greatest triumphledto Mr Volcker ’s greatest triumph