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Inflation, Recession, And Stagflation, Gerald P. O'Driscoll Jr., Sudha R. Shenoy Dec 1974

Inflation, Recession, And Stagflation, Gerald P. O'Driscoll Jr., Sudha R. Shenoy

Economic Staff Paper Series

We begin'by referring to what is possible the major macroeconomic problem - both for analysis and for policy - facing the Western economics today; namely, the reasons why the supposedly mild inflations of the two decades following the Second World War, have now turned into the far more intractable "stagflation" besetting theorist and policy-maker alike.