Chapter II. The World Economy

Gurney, Andrew; In't Veld, Jan Willem; Barrell, Ray

Chapter II. The World Economy

Andrew Gurney, Jan Willem In't Veld and Ray Barrell
Authors registered in the RePEc Author Service: Jan in 't Veld

National Institute Economic Review, 1991, vol. 136, 34-59

Abstract: GNP growth in the major seven economies continues to decline from the cyclical peak reached in 1988. The latest national accounts statistics show that all major seven economies are now growing more slowly than they did last year, with the United States, United Kingdom and Canada in recession. This slowdown in activity appears to have been caused primarily by the tightening of monetary policy that occurred between 1988 and 1990. Short-term interest rates rose by 4.4 percentage points in Germany between 1987 and 1990, by 3 percentage points in Japan between 1987 and 1990, and by 2.2 per cent in the United States between 1987 and 1989.

Date: 1991
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Persistent link: https://EconPapers.repec.org/RePEc:cup:nierev:v:136:y:1991:i::p:34-59_5

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