Word: inflationitis
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But he soon turned to a broad economic discussion, drawing parallels between the spikes in inflation and energy prices of today and of his time at Harvard in the 1970s. He emphasized that the increased adaptability and flexibility of the U.S. economy is dampening the effects of these shocks this...
Because the members of today's graduating class--and some of your professors--were not yet born in 1975, let me begin by briefly surveying the economic landscape in the mid-1970s. The economy had just gone through a severe recession, during which output, income, and employment fell sharply and...
In addition to creating long lines at gasoline stations, the oil price shock exacerbated what was already an intensifying buildup of inflation and inflation expectations. In another echo of today, the inflationary situation was further worsened by rapidly rising prices of agricultural products and other commodities.
Economists generally agree that monetary policy performed poorly during this period. In part, this was because policymakers, in choosing what they believed to be the appropriate setting for monetary policy, overestimated the productive capacity of the economy. I'll have more to say about this shortly. Federal Reserve policymakers also...
Even in the face of inflation, wages appear to have remained steady: the average employed senior will earn a base salary of $45,425, about the same as last year.