The Dog That Didn't Bark: Has Inflation Been Muzzled or Was It Just Sleeping?
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چکیده
2. Inflation and Unemployment during Recessions (mean change from beginning of recession, quarterly data) Despite large rises in unemployment during the Great Recession, inflation has been remarkably stable in almost all advanced economies. This is different from the recessions in the 1970s and 1980s, when inflation fell much more when unemployment rose. Figure 3.1. The Behavior of Inflation Has Changed
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