233:
252:
sectors through the end of 1982. Goods-producing sectors were hardest hit: 90% of all job losses in 1982 came from manufacturing, despite this sector making up only 30% of total non-farm employment. The machinery industry shed 400,000 jobs. Transportation equipment manufacturing fell by 180,000 jobs. Layoffs in electrical and electronics manufacturing exceeded 100,000. The mining sector shed 150,000 jobs, likely a result of high commodity prices and cratering demand from the recession. Construction shed a total of 385,000 jobs from July 1981 through
December 1982. Non-durable goods manufacturing (e.g. textiles, rubber, apparel, plastics, tobacco, food, etc.), already under pressure since the mid-1970s, suffered some 365,000 job cuts.
38:
87:
146:
118:. Manufacturing and construction failed to recover before more aggressive inflation reducing policy was adopted by the Federal Reserve in 1981, causing a second downturn. Due to their proximity and compounded effects, they are commonly referred to as the early 1980s recession, an example of a W-shaped or "
315:
rose by 2.9 million and the unemployment rate fell by 2.5%. The auto industry had posted losses of $ 187 million in the third quarter of 1982, which turned into a gain of $ 1.2 billion during the same period in 1983. To prevent a new surge of inflation, interest and mortgage rates remained abnormally
219:
The official end of the recession was established as of July 1980. As interest rates dropped beginning in May, payrolls turned positive. Unemployment among auto workers rose from a low of 4.8% in 1979 to a record high of 24.7%, then fell to 17.4% by the end of the year. Construction unemployment rose
258:
The services sector, while not hit nearly as hard as manufacturing, shed 400,000 jobs during the recession, with sharp declines in transportation, utilities, state & local governments, and wholesale and retail trade. However, the finance, insurance, and real estate sector gained 35,000 jobs over
223:
During the final quarter of 1980, there were doubts that the economy was in recovery, and instead was experiencing a temporary respite. These concerns were fueled by poor performance in housing and auto sales in the final months of 1980, as well as a second wave of rising interest rates and stagnant
423:
through the mid-1980s. This prevented a recovery in manufacturing by undermining the competitiveness of exports of
American manufactured goods (particularly automobiles and steel). It was not until 1985 that the Reagan administration and the Federal Reserve took action to correct this when the U.S.
279:
Unemployment was particularly severe amongst teenagers and racial minorities: the unemployment rates for black
Americans peaked at 20% in December 1982, compared to 15% for Latinos and 9.3% for white Americans. Teen unemployment hit 24%, and was particularly severe amongst black teenagers: for most
271:
increase of 3.8%, yet still higher than the 2.9% average. Because the recession began with already elevated levels of unemployment, the increase easily pushed it higher than any other post-war recession. Overall, the recession caused the loss of 2.9 million jobs, representing a 3.0% drop in payroll
266:
Unemployment had changed very little in the period between the end of the 1980 recession and the July 1981 start of the second, never dropping below 7.2%. Unemployment rose to double digits for the first time since 1941 in
September 1982, and stood at a postwar high of 10.8% by the end of the year.
251:
After failing to gain traction during the weak and brief recovery from the 1980 downturn, weakness in manufacturing and housing caused by rising interest rates began to have an expanded effect on related sectors beginning in mid-1981. Job losses resumed, this time expanding to nearly all employment
428:
with France, West
Germany, Japan, and the United Kingdom. As the U.S. Dollar depreciated some 50% against these major currencies, this agreement (combined with voluntary export restrictions) did help American exports recover, particularly in the automotive sector: by the early-1990s, the number of
262:
The heavy losses in manufacturing and construction, contrasted with more minor losses in services, also affected the unemployment rates for men and women differently. While the increases in unemployment for both sexes were roughly equal during the recession of 1973-1975 recession, the unemployment
376:(home to major manufacturing cities such as Gary, East Chicago, and Hammond), did not recover its 1980 employment level until 1996. And as of 2010, the county's inflation-adjusted output has stubbornly remained 15-20% below its 1978 peak. Other steel-producing regions, such as the south side of
440:
U.S. manufacturing employment peaked at 19.5 million in June 1979, before sharply declining by 2.8 million to 16.7 million before bottoming out in
January 1983. Although 1.2 million manufacturing jobs would be created during the 1983-1990 period, the 1979 peak would never be reached again. The
215:
Over the course of the recession, manufacturing shed 1.1 million jobs, with the recession posting a total loss of 1.3 million jobs, representing 1.2% of payrolls. The automotive industry, already in a poor position due to weak sales in 1979, shed 310,000 jobs, representing 33% of that sector.
263:
rate for men increased 4.5 percentage points during the 1981-1982 recession, while women suffered a comparatively more mild 2.5 percentage point increase in joblessness. Between the fall of 1981 and the end of 1982, nearly 70% of the increase in unemployment came from men's unemployment.
310:
In July 1983, the official end of the recession was announced as
November 1982, with the employment trough occurring in December. At the time of the announcement, output and sales had already met or exceeded levels achieved before the recession began. Through December 1983,
329:. As the third year of recovery drew to a close in 1985, payroll employment had grown by 10 million since the end of the recession. Growth continued through July 1990, creating what was at the time the longest peacetime economic expansion in U.S. history.
371:
Although the U.S. macroeconomy recovered during the 1983-1990 economic expansion period, the early-1980s recession cast a long shadow over many parts of the United States, especially those reliant on heavy industry. For example, heavily industrialized
204:, credit became more difficult to obtain for car and home loans. This caused severe contractions in manufacturing and housing, which were dependent on the availability of consumer credit. Most of the jobs lost during the recession centered around
1309:
429:
vehicles assembled by
Japanese automakers in U.S. plants exceeded the number of auto exports from Japan to the U.S., a trend that still continues into the 2010s. However, many of the auto manufacturing plants were set up in states with
347:
were limited by interest rate ceilings. As a result of rising interest rates, many savings and loan institutions experienced frequent account withdrawals, as depositors moved their money to higher-earning accounts offered by
1302:
216:
Construction declined by a similar 300,000. Unemployment rose to a recession peak of 7.8% in June 1980, however, it changed very little through the end of the year, averaging 7.5% through the first quarter of 1981.
102:
remained unchanged through the start of a second recession in July 1981. The downturn ended 16 months later, in
November 1982. The economy entered a strong recovery and experienced a lengthy expansion through 1990.
1295:
1121:
2213:
2218:
355:
High mortgage rates eroded the value of mortgage-backed loans, the primary asset of savings and loan associations. These fixed-rate loans were sold at a loss in order to balance withdrawals. This
192:
created his own plan for credit controls and budget cuts to beat inflation. In order to cooperate with these new priorities, the federal funds rate was lowered considerably from its April peak.
188:, the federal funds rate increased gradually from 11.5% to an eventual peak of 17.6% in April 1980. This caused an economic recession beginning in January 1980, and in March 1980, president
276:. The number of underemployed workers (those who are working part-time but want full-time work) rose to the highest number ever recorded at that time since data collection began in 1955.
137:
on the part of the
Federal Reserve, with the strong recovery and long, stable period of growth that followed increasing the popularity of both concepts in political and academic circles.
2203:
232:
291:
248:
As 1981 began, the Federal Reserve reported that there would be little or no economic growth in 1981, as interest rates were to continue rising in an attempt to reduce inflation.
2193:
2183:
2188:
255:
The unemployment rate for auto workers rose from just 3.8% in early-1978 to 24% by the end of 1982; construction worker unemployment peaked at 22% during the same time.
1458:
1318:
343:
Although the economy recovered in 1983, the residual effects of high inflation and high interest rates had a profound impact on the savings and loans industry.
1701:
618:
1326:
1128:
2061:
1919:
2246:
1526:
768:
665:
1531:
1322:
1629:
1624:
1619:
1613:
1287:
1897:
696:
299:
165:
shocks of 1979 and 1980, although the core consumer price index which excludes energy and food also posted large increases. Productivity, real
1902:
1431:
965:
441:
recession heralded a sustained deindustrialisation in the United States that has since accelerated thanks to globalisation and outsourcing.
2276:
2150:
469:
787:
2271:
581:
2266:
2261:
2256:
2251:
2046:
1273:
1244:
150:
1075:
681:
287:
437:
states, particularly the auto-making states of Ohio, Michigan, and Indiana, did not always reap the full benefits of this change.
169:, and personal income remained essentially unchanged during this period, while inflation continued to rise, a phenomenon known as
1892:
295:
2110:
396:, but it was the early-1980s recession that left deep and lasting damage to local economies. Mining communities in Minnesota's
290:, a three-year tax cut plan. As the recession deepened in 1982, Reagan's approval rating also dropped. As a result, during the
286:, who had assumed office in January 1981, brought his own economic plan to the table. In August 1981, the president signed the
41:
1844:
209:
107:
858:
319:
A comparative analysis of the first six quarters of post-war economic recoveries published in the August 1984 issue of the
1872:
1588:
344:
185:
98:
entered recession in January 1980 and returned to growth six months later in July 1980. Although recovery took hold, the
1754:
1850:
1782:
2068:
1236:
1955:
1950:
1909:
2125:
2100:
1877:
1664:
1582:
626:
554:
2145:
2135:
1882:
1177:
2035:
1823:
884:
356:
1985:
1980:
1975:
2140:
2130:
2120:
2115:
2105:
1496:
360:
338:
1817:
1649:
1887:
166:
268:
2073:
2056:
2051:
2040:
2003:
1998:
1992:
1603:
1572:
1470:
1261:
302:
during the 1980 election were reversed. However, control of the Senate was retained by the Republicans.
28:
1639:
1484:
1092:
420:
373:
321:
158:
119:
111:
48:
1178:"What Was The Plaza Accord, And What Does It Have To Do With Pressure On China To Revalue The Yuan?"
704:
27:
This article is about the early 1980s recession in the United States. For its worldwide impact, see
1738:
1593:
1501:
1453:
1421:
1402:
126:
1154:
973:
2223:
2208:
2198:
2178:
2173:
2168:
2163:
2157:
1475:
1443:
792:
430:
201:
181:
115:
79:
1944:
1938:
1932:
1538:
1511:
1448:
1436:
1397:
1366:
1269:
1240:
1071:
393:
326:
273:
1122:"NORTHWEST INDIANA REGIONAL ANALYSIS: DEMOGRAPHICS, ECONOMY, ENTREPRENEURSHIP AND INNOVATION"
654:
2025:
2020:
1866:
1855:
1516:
1506:
1416:
1376:
1371:
1346:
1341:
1337:
1228:
592:
349:
312:
1356:
325:
indicated the 1983–1984 recovery was stronger than any post-war recovery since that of the
157:
Beginning in 1978, inflation began to intensify, reaching double-digit levels in 1979. The
2094:
2084:
1834:
1775:
1770:
1764:
1265:
416:
381:
352:. The already struggling savings and loans industry posted large losses in 1981 and 1982.
122:" recession; it remains the most recent example of such a recession in the United States.
176:
In order to combat rising inflation, recently appointed chairman of the Federal Reserve,
902:
161:
rose considerably between 1978 and 1980. These increases were largely attributed to the
37:
1383:
1361:
401:
415:
Although inflation subsided and interest rates began to decline starting in 1983, the
133:
economic policies. This change was primarily achieved through tax reform and stronger
86:
17:
2240:
1811:
1805:
1796:
1790:
1732:
1723:
1714:
1696:
1685:
1673:
1643:
1465:
1064:
854:
409:
283:
237:
205:
130:
95:
1555:
1548:
1543:
1412:
1407:
1351:
1030:
996:
928:
821:
734:
539:
498:
425:
189:
177:
162:
99:
44:
145:
1255:
1965:
1521:
1480:
1426:
241:
170:
1749:
465:
397:
389:
200:
A recession occurred beginning in January 1980. As a result of the increasing
134:
1560:
1491:
1392:
1388:
1202:
434:
385:
405:
497:
Bednarzik, Robert W.; Hewson, Marillyn A.; Urquhart, Michael A. (1982).
1093:"On Asset-Liability Matching and Federal Deposit and Pension Insurance"
377:
316:
high throughout 1983, delaying a recovery in construction and housing.
769:"Federal Reserve Sees Little Growth in '81 With Continued High Rates"
267:
The total increase in unemployment was 3.6%, which was less than the
231:
144:
85:
57:
36:
280:
of 1982, unemployment for black teenagers stayed at roughly 50%.
499:"The Employment Situation in 1981: New Recession Takes its Toll"
1291:
1233:
A History of the Federal Reserve – Volume 2, Book 2: 1970–1986
1102:(July/August 2006). Federal Reserve Bank of St. Louis: 323–330
822:"Unemployment Continued to Rise in 1982 as Recession Deepened"
929:"Employment and Unemployment Improvements Widespread in 1983"
125:
The recession marked a shift in policy from more traditional
114:
to combat double digit inflation and residual effects of the
1155:"The Plaza Accord: The World Intervenes In Currency Markets"
466:"United States Business Cycle Expansions and Contractions"
997:"Employment in the First Half: Robust Recovery Continues"
788:"Bank Lending Rate Set at Record 14% By Federal Reserve"
540:"The 1990-1991 Recession: How Bad Was the Labor Market?"
220:
to 16.3%, and also moderated near the end of the year.
908:. National Bureau of Economic Research (July 8, 1983)
591:(Report). February 1982. pp. 1–5. Archived from
272:
employment, the largest percentage decline since the
2083:
2019:
1964:
1918:
1833:
1748:
1695:
1602:
1571:
1031:"Employment and Unemployment: Developments in 1985"
244:
outlining his plan for tax reductions in July 1981.
1063:
820:Hewson, Marillyn A.; Urquhart, Michael A. (1983).
733:Bednarzik, Robert W.; Westcott, Diane N. (1981).
106:Principal causes of the 1980 recession included
1070:. Federal Deposit Insurance Corporation. 1997.
735:"Employment and Unemployment: A Report on 1980"
184:. Following the October 6, 1979 meeting of the
1066:A History of the 1980s: Lessons for the Future
664:. Federal Reserve Bank of San Francisco: 1–4.
412:were also devastated after years of struggle.
1303:
859:"The Laffer Curve: Past, Present, and Future"
392:, had been struggling since the onset of the
8:
1127:. Cleveland State University. Archived from
728:
726:
724:
722:
1029:Shank, Susan E.; Getz, Patricia M. (1986).
964:Alexander, Charles P. (November 28, 1983).
815:
813:
811:
809:
807:
805:
803:
492:
490:
488:
486:
359:was identified as the primary cause of the
1310:
1296:
1288:
927:Becker, Eugene H.; Bowers, Norman (1984).
533:
531:
529:
527:
959:
957:
648:
646:
644:
883:Roberts, Steven V. (November 4, 1982).
691:
689:
450:
433:, primarily in the South and West. The
576:
574:
572:
460:
458:
456:
454:
1044:(2). Bureau of Labor Statistics: 3–12
942:(2). Bureau of Labor Statistics: 3–14
835:(2). Bureau of Labor Statistics: 3–12
748:(2). Bureau of Labor Statistics: 4–14
512:(3). Bureau of Labor Statistics: 3–14
7:
1010:(8). Bureau of Labor Statistics: 3–7
470:National Bureau of Economic Research
1257:Volcker: The Triumph of Persistence
885:"Democrats Regain Control in House"
767:Rattner, Steven (January 5, 1981).
653:Walsh, Carl E. (December 3, 2004).
582:The Prospects for Economic Recovery
240:gives a televised address from the
153:, a measure of inflation, 1973–1992
1614:British credit crisis of 1772–1773
619:"A "Double Dip" Recession Defined"
25:
1327:Commonwealth of Nations countries
288:Economic Recovery Tax Act of 1981
2247:Recessions in the United States
1323:recessions in the United States
671:from the original on 2006-02-23
617:Aversa, Jeannine (2010-07-01).
259:the duration of the recession.
90:US unemployment rate, 1973–1993
1203:"All Employees: Manufacturing"
108:contractionary monetary policy
51:in late 1970s and early 1980s
1:
786:Cowan, Edward (May 5, 1981).
538:Gardner, Jennifer M. (1994).
345:Savings and loan associations
186:Federal Open Market Committee
149:Percent annual change in the
966:"A Lusty, Lopsided Recovery"
903:"Recovery Began in November"
2277:Presidency of Ronald Reagan
2069:1997 Asian financial crisis
1702:Civil War-era United States
1254:Silber, William L. (2012).
1237:University of Chicago Press
995:Devens, Richard M. (1984).
589:Congressional Budget Office
72: 10 year minus 3 month
2293:
2272:Presidency of Jimmy Carter
1845:Post–World War I recession
1665:Post-Napoleonic Depression
555:Bureau of Labor Statistics
336:
180:, elected to increase the
66: 10 year minus 2 year
26:
2267:1980s in economic history
2262:1982 in the United States
2257:1981 in the United States
2252:1980 in the United States
1755:2nd Industrial Revolution
1688:(1836–1838 and 1839–1843)
1604:1st Industrial Revolution
1372:Price-and-wage stickiness
1333:
419:was still committed to a
212:remained largely intact.
2036:1990s United States boom
1824:Financial crisis of 1914
357:asset liability mismatch
300:House of Representatives
1851:Depression of 1920–1921
1783:Depression of 1882–1885
1697:Early Victorian Britain
1432:Real and nominal values
863:The Heritage Foundation
361:savings and loan crisis
339:Savings and loan crisis
151:US Consumer Price Index
1956:Recession of 1969–1970
1951:Recession of 1960–1961
1910:Recession of 1937–1938
1239:. pp. 1043–1131.
703:. 1980. Archived from
697:"Carter vs. Inflation"
292:1982 midterm elections
245:
208:industries, while the
167:gross national product
154:
91:
83:
18:Recession of 1981-1982
2074:Early 2000s recession
2041:Early 1990s recession
1993:Early 1980s recession
1573:Commercial revolution
1471:Nominal interest rate
662:FRBSF Economic Letter
235:
148:
89:
40:
29:Early 1980s recession
1640:Copper Panic of 1789
1038:Monthly Labor Review
1004:Monthly Labor Review
976:on December 22, 2008
936:Monthly Labor Review
829:Monthly Labor Review
742:Monthly Labor Review
547:Monthly Labor Review
506:Monthly Labor Review
421:strong-dollar policy
374:Lake County, Indiana
322:Monthly Labor Review
159:consumer price index
78: 10 year minus
49:Inverted yield curve
1976:1973–1975 recession
1920:Post–WWII expansion
1594:Great Frost of 1709
1422:Neutrality of money
1403:Classical dichotomy
1319:Economic expansions
1091:Bodie, Zvi (2006).
274:1957–1958 recession
224:unemployment rate.
129:to the adoption of
127:Keynesian economics
2158:COVID-19 recession
1818:Panic of 1910–1911
1650:Panic of 1796–1797
1476:Real interest rate
1444:Economic expansion
889:The New York Times
793:The New York Times
773:The New York Times
431:right-to-work laws
298:gains made in the
246:
202:federal funds rate
182:federal funds rate
155:
110:undertaken by the
92:
84:
80:Federal funds rate
34:Economic recession
2234:
2233:
1945:Recession of 1958
1939:Recession of 1953
1933:Recession of 1949
1630:Thirteen Colonies
1437:Velocity of money
1367:Paradox of thrift
1229:Meltzer, Allan H.
1205:. Federal Reserve
1176:Wiesenthal, Joe.
655:"October 6, 1979"
623:Huffpost Business
394:1973-75 recession
367:Long-term effects
269:1973–75 recession
100:unemployment rate
16:(Redirected from
2284:
2026:Great Regression
2021:Great Moderation
1867:Great Depression
1856:Roaring Twenties
1377:Underconsumption
1347:Effective demand
1338:Aggregate demand
1312:
1305:
1298:
1289:
1279:
1262:Bloomsbury Press
1250:
1215:
1214:
1212:
1210:
1199:
1193:
1192:
1190:
1188:
1182:Business Insider
1173:
1167:
1166:
1164:
1162:
1150:
1144:
1143:
1141:
1139:
1134:on 25 March 2016
1133:
1126:
1118:
1112:
1111:
1109:
1107:
1097:
1088:
1082:
1081:
1069:
1060:
1054:
1053:
1051:
1049:
1035:
1026:
1020:
1019:
1017:
1015:
1001:
992:
986:
985:
983:
981:
972:. Archived from
961:
952:
951:
949:
947:
933:
924:
918:
917:
915:
913:
907:
899:
893:
892:
880:
874:
873:
871:
869:
851:
845:
844:
842:
840:
826:
817:
798:
797:
783:
777:
776:
764:
758:
757:
755:
753:
739:
730:
717:
716:
714:
712:
693:
684:
680:
678:
676:
670:
659:
650:
639:
638:
636:
634:
625:. Archived from
614:
608:
607:
605:
603:
597:
586:
578:
567:
566:
564:
562:
544:
535:
522:
521:
519:
517:
503:
494:
481:
480:
478:
476:
462:
350:commercial banks
313:nonfarm payrolls
77:
71:
65:
55:
21:
2292:
2291:
2287:
2286:
2285:
2283:
2282:
2281:
2237:
2236:
2235:
2230:
2095:Great Recession
2087:
2085:Information Age
2079:
2028:
2024:
2015:
1968:
1966:Great Inflation
1960:
1922:
1914:
1837:
1835:Interwar period
1829:
1765:Long Depression
1757:
1753:
1744:
1704:
1700:
1691:
1606:
1598:
1575:
1567:
1532:U.S. recessions
1527:U.K. recessions
1459:U.S. expansions
1329:
1316:
1286:
1276:
1253:
1247:
1227:
1224:
1222:Further reading
1219:
1218:
1208:
1206:
1201:
1200:
1196:
1186:
1184:
1175:
1174:
1170:
1160:
1158:
1153:Twomey, Brian.
1152:
1151:
1147:
1137:
1135:
1131:
1124:
1120:
1119:
1115:
1105:
1103:
1095:
1090:
1089:
1085:
1078:
1062:
1061:
1057:
1047:
1045:
1033:
1028:
1027:
1023:
1013:
1011:
999:
994:
993:
989:
979:
977:
963:
962:
955:
945:
943:
931:
926:
925:
921:
911:
909:
905:
901:
900:
896:
882:
881:
877:
867:
865:
857:(1 June 2004).
853:
852:
848:
838:
836:
824:
819:
818:
801:
785:
784:
780:
766:
765:
761:
751:
749:
737:
732:
731:
720:
710:
708:
695:
694:
687:
674:
672:
668:
657:
652:
651:
642:
632:
630:
616:
615:
611:
601:
599:
595:
584:
580:
579:
570:
560:
558:
542:
537:
536:
525:
515:
513:
501:
496:
495:
484:
474:
472:
464:
463:
452:
447:
417:Federal Reserve
382:Mahoning Valley
369:
341:
335:
308:
236:U.S. President
230:
206:goods producing
198:
143:
135:monetary policy
112:Federal Reserve
82:
75:
73:
69:
67:
63:
61:
53:
47:
35:
32:
23:
22:
15:
12:
11:
5:
2290:
2288:
2280:
2279:
2274:
2269:
2264:
2259:
2254:
2249:
2239:
2238:
2232:
2231:
2229:
2228:
2227:
2226:
2221:
2216:
2214:United Kingdom
2211:
2206:
2201:
2196:
2191:
2186:
2181:
2176:
2171:
2166:
2155:
2154:
2153:
2148:
2146:United Kingdom
2143:
2138:
2133:
2128:
2123:
2118:
2113:
2108:
2103:
2091:
2089:
2088:(2007–present)
2081:
2080:
2078:
2077:
2071:
2066:
2065:
2064:
2059:
2057:United Kingdom
2054:
2049:
2038:
2032:
2030:
2017:
2016:
2014:
2013:
2012:
2011:
2006:
2004:United Kingdom
2001:
1990:
1989:
1988:
1983:
1981:United Kingdom
1972:
1970:
1962:
1961:
1959:
1958:
1953:
1948:
1942:
1936:
1930:
1926:
1924:
1916:
1915:
1913:
1912:
1907:
1906:
1905:
1900:
1898:United Kingdom
1895:
1890:
1885:
1880:
1875:
1864:
1861:
1858:
1853:
1848:
1841:
1839:
1831:
1830:
1828:
1827:
1821:
1815:
1809:
1803:
1800:
1794:
1788:
1785:
1780:
1779:
1778:
1773:
1771:United Kingdom
1761:
1759:
1746:
1745:
1743:
1742:
1736:
1730:
1727:
1721:
1718:
1712:
1708:
1706:
1693:
1692:
1690:
1689:
1683:
1680:
1677:
1671:
1668:
1662:
1659:
1656:
1653:
1647:
1637:
1634:
1633:
1632:
1627:
1622:
1610:
1608:
1600:
1599:
1597:
1596:
1591:
1586:
1579:
1577:
1569:
1568:
1566:
1565:
1564:
1563:
1553:
1552:
1551:
1546:
1536:
1535:
1534:
1529:
1524:
1519:
1514:
1509:
1504:
1499:
1489:
1488:
1487:
1478:
1473:
1463:
1462:
1461:
1456:
1451:
1441:
1440:
1439:
1434:
1429:
1424:
1419:
1410:
1405:
1400:
1386:
1384:Business cycle
1381:
1380:
1379:
1374:
1369:
1364:
1362:Overproduction
1359:
1354:
1349:
1334:
1331:
1330:
1317:
1315:
1314:
1307:
1300:
1292:
1285:
1284:External links
1282:
1281:
1280:
1275:978-1608190706
1274:
1251:
1246:978-0226213514
1245:
1223:
1220:
1217:
1216:
1194:
1168:
1157:. Investopedia
1145:
1113:
1083:
1076:
1055:
1021:
987:
953:
919:
894:
875:
846:
799:
778:
759:
718:
707:on May 7, 2008
685:
640:
609:
568:
523:
482:
449:
448:
446:
443:
402:Driftless Area
400:, Wisconsin's
368:
365:
337:Main article:
334:
331:
327:1953 recession
307:
304:
229:
226:
210:service sector
197:
194:
142:
139:
74:
68:
62:
56: 30 year
52:
33:
24:
14:
13:
10:
9:
6:
4:
3:
2:
2289:
2278:
2275:
2273:
2270:
2268:
2265:
2263:
2260:
2258:
2255:
2253:
2250:
2248:
2245:
2244:
2242:
2225:
2222:
2220:
2219:United States
2217:
2215:
2212:
2210:
2207:
2205:
2202:
2200:
2197:
2195:
2192:
2190:
2187:
2185:
2182:
2180:
2177:
2175:
2172:
2170:
2167:
2165:
2161:
2160:
2159:
2156:
2152:
2151:United States
2149:
2147:
2144:
2142:
2139:
2137:
2134:
2132:
2129:
2127:
2124:
2122:
2119:
2117:
2114:
2112:
2109:
2107:
2104:
2102:
2098:
2097:
2096:
2093:
2092:
2090:
2086:
2082:
2075:
2072:
2070:
2067:
2063:
2062:United States
2060:
2058:
2055:
2053:
2050:
2048:
2044:
2043:
2042:
2039:
2037:
2034:
2033:
2031:
2027:
2022:
2018:
2010:
2009:United States
2007:
2005:
2002:
2000:
1996:
1995:
1994:
1991:
1987:
1986:United States
1984:
1982:
1979:
1978:
1977:
1974:
1973:
1971:
1967:
1963:
1957:
1954:
1952:
1949:
1946:
1943:
1940:
1937:
1934:
1931:
1928:
1927:
1925:
1921:
1917:
1911:
1908:
1904:
1903:United States
1901:
1899:
1896:
1894:
1891:
1889:
1886:
1884:
1881:
1879:
1876:
1874:
1870:
1869:
1868:
1865:
1862:
1859:
1857:
1854:
1852:
1849:
1846:
1843:
1842:
1840:
1836:
1832:
1825:
1822:
1819:
1816:
1813:
1812:Panic of 1907
1810:
1807:
1806:Panic of 1901
1804:
1801:
1798:
1797:Panic of 1893
1795:
1792:
1791:Baring crisis
1789:
1786:
1784:
1781:
1777:
1776:United States
1774:
1772:
1768:
1767:
1766:
1763:
1762:
1760:
1756:
1751:
1747:
1740:
1737:
1734:
1733:Panic of 1866
1731:
1728:
1725:
1724:Panic of 1857
1722:
1719:
1716:
1715:Panic of 1847
1713:
1710:
1709:
1707:
1703:
1698:
1694:
1687:
1686:Panic of 1837
1684:
1681:
1678:
1675:
1674:Panic of 1825
1672:
1669:
1666:
1663:
1660:
1657:
1654:
1651:
1648:
1645:
1644:Panic of 1792
1641:
1638:
1635:
1631:
1628:
1626:
1623:
1621:
1617:
1616:
1615:
1612:
1611:
1609:
1605:
1601:
1595:
1592:
1590:
1589:Slump of 1706
1587:
1584:
1581:
1580:
1578:
1574:
1570:
1562:
1559:
1558:
1557:
1554:
1550:
1547:
1545:
1542:
1541:
1540:
1537:
1533:
1530:
1528:
1525:
1523:
1520:
1518:
1515:
1513:
1510:
1508:
1505:
1503:
1500:
1498:
1497:Balance sheet
1495:
1494:
1493:
1490:
1486:
1482:
1479:
1477:
1474:
1472:
1469:
1468:
1467:
1466:Interest rate
1464:
1460:
1457:
1455:
1452:
1450:
1447:
1446:
1445:
1442:
1438:
1435:
1433:
1430:
1428:
1425:
1423:
1420:
1418:
1414:
1411:
1409:
1406:
1404:
1401:
1399:
1396:
1395:
1394:
1390:
1387:
1385:
1382:
1378:
1375:
1373:
1370:
1368:
1365:
1363:
1360:
1358:
1355:
1353:
1350:
1348:
1345:
1344:
1343:
1339:
1336:
1335:
1332:
1328:
1324:
1320:
1313:
1308:
1306:
1301:
1299:
1294:
1293:
1290:
1283:
1277:
1271:
1267:
1263:
1259:
1258:
1252:
1248:
1242:
1238:
1234:
1230:
1226:
1225:
1221:
1204:
1198:
1195:
1183:
1179:
1172:
1169:
1156:
1149:
1146:
1130:
1123:
1117:
1114:
1101:
1094:
1087:
1084:
1079:
1077:0-9661808-0-1
1073:
1068:
1067:
1059:
1056:
1043:
1039:
1032:
1025:
1022:
1009:
1005:
998:
991:
988:
975:
971:
967:
960:
958:
954:
941:
937:
930:
923:
920:
904:
898:
895:
890:
886:
879:
876:
864:
860:
856:
855:Arthur Laffer
850:
847:
834:
830:
823:
816:
814:
812:
810:
808:
806:
804:
800:
795:
794:
789:
782:
779:
774:
770:
763:
760:
747:
743:
736:
729:
727:
725:
723:
719:
706:
702:
698:
692:
690:
686:
683:
682:alternate url
667:
663:
656:
649:
647:
645:
641:
629:on 2012-04-26
628:
624:
620:
613:
610:
598:on 2011-04-13
594:
590:
583:
577:
575:
573:
569:
556:
552:
548:
541:
534:
532:
530:
528:
524:
511:
507:
500:
493:
491:
489:
487:
483:
471:
467:
461:
459:
457:
455:
451:
444:
442:
438:
436:
432:
427:
422:
418:
413:
411:
410:West Virginia
407:
403:
399:
395:
391:
387:
383:
379:
375:
366:
364:
362:
358:
353:
351:
346:
340:
332:
330:
328:
324:
323:
317:
314:
305:
303:
301:
297:
293:
289:
285:
284:Ronald Reagan
281:
277:
275:
270:
264:
260:
256:
253:
249:
243:
239:
238:Ronald Reagan
234:
227:
225:
221:
217:
213:
211:
207:
203:
195:
193:
191:
187:
183:
179:
174:
172:
168:
164:
160:
152:
147:
140:
138:
136:
132:
128:
123:
121:
117:
116:energy crisis
113:
109:
104:
101:
97:
96:United States
88:
81:
59:
50:
46:
45:yield spreads
43:
39:
30:
19:
2136:South Africa
2008:
1893:South Africa
1739:Black Friday
1556:Unemployment
1413:Money supply
1408:Disinflation
1352:General glut
1260:. New York:
1256:
1232:
1207:. Retrieved
1197:
1185:. Retrieved
1181:
1171:
1159:. Retrieved
1148:
1136:. Retrieved
1129:the original
1116:
1104:. Retrieved
1099:
1086:
1065:
1058:
1046:. Retrieved
1041:
1037:
1024:
1012:. Retrieved
1007:
1003:
990:
978:. Retrieved
974:the original
969:
944:. Retrieved
939:
935:
922:
910:. Retrieved
897:
888:
878:
866:. Retrieved
862:
849:
837:. Retrieved
832:
828:
791:
781:
772:
762:
750:. Retrieved
745:
741:
709:. Retrieved
705:the original
700:
673:. Retrieved
661:
631:. Retrieved
627:the original
622:
612:
600:. Retrieved
593:the original
588:
559:. Retrieved
550:
546:
514:. Retrieved
509:
505:
473:. Retrieved
439:
426:Plaza Accord
414:
370:
354:
342:
320:
318:
309:
282:
278:
265:
261:
257:
254:
250:
247:
222:
218:
214:
199:
190:Jimmy Carter
178:Paul Volcker
175:
156:
124:
105:
93:
2204:New Zealand
2162:2020–2022;
2126:New Zealand
2099:2007–2009;
2045:1990–1991;
2029:(1982–2007)
1997:1980–1982;
1969:(1973–1982)
1947:(1957–1958)
1941:(1953–1954)
1935:(1948–1949)
1923:(1945–1973)
1888:New Zealand
1871:1929–1939;
1847:(1918–1919)
1838:(1918–1939)
1820:(1910–1912)
1814:(1907–1908)
1808:(1902–1904)
1799:(1893–1897)
1793:(1890–1891)
1769:1873–1879;
1758:(1870–1914)
1741:(1869–1870)
1735:(1865–1867)
1726:(1857–1858)
1717:(1847–1848)
1705:(1840–1870)
1676:(1825–1826)
1667:(1815–1821)
1652:(1796–1799)
1646:(1789–1793)
1618:1772–1774;
1607:(1760–1840)
1585:(1430–1490)
1583:Great Slump
1576:(1000–1760)
1522:Stagflation
1481:Yield curve
1427:Price level
1264:. pp.
1235:. Chicago:
424:signed the
242:Oval Office
171:stagflation
2241:Categories
2169:Bangladesh
2106:Bangladesh
1750:Gilded Age
1502:Depression
1454:Stagnation
1209:19 October
1187:19 October
1161:19 October
1138:19 October
868:5 November
445:References
404:, eastern
398:Iron Range
390:Pittsburgh
296:Republican
141:Background
131:neoliberal
120:double dip
2209:Singapore
2164:Australia
2141:Sri Lanka
2101:Australia
2047:Australia
1873:Australia
1863:1926–1927
1860:1923–1924
1826:(1913–14)
1802:1899–1900
1658:1807–1810
1655:1802–1804
1636:1785–1788
1561:Sahm rule
1492:Recession
1393:Inflation
1389:Deflation
435:Rust Belt
386:Cleveland
228:1981–1982
163:oil price
2194:Malaysia
2179:Botswana
2131:Pakistan
2121:Malaysia
1625:Scotland
1485:Inverted
1449:Recovery
1231:(2009).
1106:10 April
1048:13 April
1014:13 April
980:13 April
946:12 April
912:12 April
839:10 April
752:10 April
666:Archived
406:Kentucky
306:Recovery
42:Treasury
2199:Namibia
1787:1887–88
1729:1860–61
1720:1853–54
1711:1845–46
1682:1833–34
1679:1828–29
1670:1822–23
1620:England
1512:Rolling
1398:Chronic
1266:187–237
711:8 April
675:8 April
633:8 April
602:8 April
561:6 April
516:8 April
475:8 April
378:Chicago
60:3 month
2224:Zambia
2184:Canada
2174:Belize
2111:Canada
2076:(2001)
2052:Canada
1999:Canada
1878:Canada
1549:Supply
1544:Demand
1517:Shapes
1507:Global
1417:demand
1342:Supply
1272:
1243:
1100:Review
1074:
557:: 3–11
408:, and
388:, and
380:, the
333:Impact
76:
70:
64:
54:
2189:India
2116:India
1883:India
1539:Shock
1357:Model
1132:(PDF)
1125:(PDF)
1096:(PDF)
1034:(PDF)
1000:(PDF)
932:(PDF)
906:(PDF)
825:(PDF)
738:(PDF)
669:(PDF)
658:(PDF)
596:(PDF)
585:(PDF)
553:(6).
543:(PDF)
502:(PDF)
58:minus
1929:1945
1661:1812
1325:and
1321:and
1270:ISBN
1241:ISBN
1211:2018
1189:2018
1163:2018
1140:2018
1108:2011
1072:ISBN
1050:2011
1016:2011
982:2011
970:Time
948:2011
914:2011
870:2010
841:2011
754:2011
713:2011
701:Time
677:2011
635:2011
604:2011
563:2011
518:2011
477:2011
196:1980
94:The
1042:109
1008:107
940:107
833:106
746:104
551:117
510:105
2243::
1268:.
1180:.
1098:.
1040:.
1036:.
1006:.
1002:.
968:.
956:^
938:.
934:.
887:.
861:.
831:.
827:.
802:^
790:.
771:.
744:.
740:.
721:^
699:.
688:^
660:.
643:^
621:.
587:.
571:^
549:.
545:.
526:^
508:.
504:.
485:^
468:.
453:^
384:,
363:.
294:,
173:.
2023:/
1752:/
1699:/
1642:/
1483:/
1415:/
1391:/
1340:/
1311:e
1304:t
1297:v
1278:.
1249:.
1213:.
1191:.
1165:.
1142:.
1110:.
1080:.
1052:.
1018:.
984:.
950:.
916:.
891:.
872:.
843:.
796:.
775:.
756:.
715:.
679:.
637:.
606:.
565:.
520:.
479:.
31:.
20:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
