Adjusting to Global Economic Change: The Dangerous Road Ahead (Occasional paper ; OP-243-RPC)

The author combines macroeconomic history since the Great Depression with a brief exposition of economic theory that stems from and explains that history, and explores how that experience may apply to the present economic crisis. He warns that we may again be headed for stagflation and makes suggestions for escaping the worst effects of the crisis. The author combines macroeconomic history with a brief exposition of economic theory that stems from and explains that history and explores how that experience may apply to the future. He examines the Great Depression, World War II and the following prosperous quarter century, the stagflation and recovery of the 1970s and 1980s, the information technology boom that lasted through the 1990s, and the current economic crisis. In most macroeconomic crises, the worst case-depression or inflation-is fairly clear, and modern policymakers have the tools at hand to cope. He warns that the worst case now may be both-stagflation-and makes some brief suggestions about the new tools needed and policy suggestions for escaping the worst effects of the crisis Cover ......Page 1 Adjusting to Global Economic Change......Page 2 ISBN: 9780833046529 ......Page 3 Preface......Page 4 Acknowledgments......Page 6 Adjusting to Global Economic Change: The Dangerous Road Ahead......Page 8 Theory......Page 10 History: 1939–1971......Page 13 History: 1972–1986......Page 15 Theory......Page 16 History: 1986–2000......Page 17 History and Theory: 2000–2008......Page 18 Prospects......Page 23 Policy Responses......Page 25 Appendix - Economic Theory......Page 28 Description based on print version record.