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Are recessions inevitable?
Using historical data for the US, it is shown that, in the long run, growth is remarkably predictable. Recessions have many different causes. It is argued that the present recession is the result of the conjunction of several economic actions and features, particularly faulty policy response to incr...
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Published in: | Journal of the Asia Pacific economy 2010-11, Vol.15 (4), p.341-348 |
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Language: | English |
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container_end_page | 348 |
container_issue | 4 |
container_start_page | 341 |
container_title | Journal of the Asia Pacific economy |
container_volume | 15 |
creator | Mirrlees, James A. |
description | Using historical data for the US, it is shown that, in the long run, growth is remarkably predictable. Recessions have many different causes. It is argued that the present recession is the result of the conjunction of several economic actions and features, particularly faulty policy response to increased commodity prices and bad incentives for lenders in financial institutions created by the marketed derivatives. Arguments for using fiscal stimulus to counteract recession are rehearsed. Reasons why these policies were not fully effective are offered, and the prospects for future prevention are assessed. |
doi_str_mv | 10.1080/13547860.2010.516148 |
format | article |
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source | EconLit s plnými texty; EBSCOhost Business Source Ultimate; International Bibliography of the Social Sciences (IBSS); PAIS Index; Taylor and Francis Social Sciences and Humanities Collection |
subjects | Business cycles Commodity prices Cyclical analysis derivative Economic growth Economic history Economic policy Financial institutions fiscal Fiscal policy Government policy Historical analysis Inflation Macroeconomics policy Prevention Recession Recessions Studies United States |
title | Are recessions inevitable? |
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