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The Supply-Shock Explanation of the Great Stagflation Revisited

Alan S. Blinder and Jeremy B. Rudd

in The Great Inflation: The Rebirth of Modern Central Banking

Published in print:
2013
Published Online:
September 2013
ISBN:
9780226066950
eISBN:
9780226043555
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226043555.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics

Previous studies have concluded that the two OPEC shocks, the two roughly contemporaneous food price shocks, and the removal of wage-price controls in 1973–1974 played key roles in the macroeconomic ... More


The Macroeconomic Effects of Oil Price Shocks: Why Are the 2000s so Different from the 1970s?

Olivier J. Blanchard and Jordi Galí

in International Dimensions of Monetary Policy

Published in print:
2010
Published Online:
February 2013
ISBN:
9780226278865
eISBN:
9780226278872
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226278872.003.0008
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter discusses the large output losses and the rises in inflation rates that accompanied the two oil shocks of 1970 in most industrialized countries, and shows the more recent absence of ... More


The Slow‐Down in Productivity Growth After 1973

Maurice FitzGerald Scott

in A New View of Economic Growth

Published in print:
1991
Published Online:
November 2003
ISBN:
9780198287421
eISBN:
9780191596872
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198287429.003.0016
Subject:
Economics and Finance, Development, Growth, and Environmental

The build‐up in inflationary pressures in many countries in the late 1960s exploded with the commodity boom and oil shock of 1973. Why did the ensuing wide swings from inflation to deflation result ... More


Oil Shocks in a DSGE Model for the Korean Economy

Sungbae An and Kang Heedon

in Commodity Prices and Markets

Published in print:
2011
Published Online:
February 2013
ISBN:
9780226386898
eISBN:
9780226386904
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226386904.003.0010
Subject:
Economics and Finance, South and East Asia

This chapter describes the oil shocks using a dynamic stochastic general equilibrium (DSGE) model for the Korean economy. The Korean economy depends entirely on imports for its acquisition of crude ... More


Monetary Policy: Dealing with Fiscal Constraints and External Price Shocks

Juan Antonio Morales and Paul Reding

in Monetary Policy in Low Financial Development Countries

Published in print:
2021
Published Online:
August 2021
ISBN:
9780198854715
eISBN:
9780191888915
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198854715.003.0005
Subject:
Economics and Finance, Development, Growth, and Environmental

The chapter explores two significant challenges faced by central banks in LFDCs: fiscal dominance and external shocks. Monetary policy can be dominated by governments that rely on seigniorage ... More


Oil Shocked

Daniel J. Sargent

in A Superpower Transformed: The Remaking of American Foreign Relations in the 1970s

Published in print:
2015
Published Online:
December 2014
ISBN:
9780195395471
eISBN:
9780199393633
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195395471.003.0006
Subject:
History, American History: 20th Century, Political History

US economic and geopolitical interests were entwined in the Middle East in the early 1970s. Prioritizing geopolitical objectives, the Nixon administration bolstered Iran and Saudi Arabia as regional ... More


The Slipping Anchor, 1971–2008: The Nixon, Carter, and Greenspan Shocks

Ronald I. McKinnon

in The Unloved Dollar Standard: From Bretton Woods to the Rise of China

Published in print:
2012
Published Online:
January 2013
ISBN:
9780199937004
eISBN:
9780199980703
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199937004.003.0004
Subject:
Economics and Finance, Financial Economics

Anticipated dollar depreciations in the 1970s, and again from 2002 to 2008, set off hot money flows into countries on the dollar standard’s relevant periphery: Western Europe and Japan in the 1970s, ... More


Lessons of the Golden Age: An Overview

Stephen A. Marglin

in The Golden Age of Capitalism: Reinterpreting the Postwar Experience

Published in print:
1992
Published Online:
October 2011
ISBN:
9780198287414
eISBN:
9780191684548
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198287414.003.0001
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter provides an overview of the historical and theoretical arguments of the book. It differentiates causes and triggers. It notes that conventional wisdom dates the end of the ‘golden age’ ... More


Lifeblood: Oil, Freedom, and the Forces of Capital

Matthew T. Huber

Published in print:
2013
Published Online:
August 2015
ISBN:
9780816677849
eISBN:
9781452947402
Item type:
book
Publisher:
University of Minnesota Press
DOI:
10.5749/minnesota/9780816677849.001.0001
Subject:
Sociology, Science, Technology and Environment

If our oil addiction is so bad for us, why don’t we kick the habit? Looking beyond the usual culprits—Big Oil, petro states, and the strategists of empire—this book finds a deeper and more complex ... More


The Evolution of Japan's Industrial Research and Development

D. Eleanor Westney

in The Japanese Firm: Sources of Competitive Strength

Published in print:
1994
Published Online:
October 2011
ISBN:
9780198288152
eISBN:
9780191684579
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198288152.003.0007
Subject:
Economics and Finance, South and East Asia

This chapter is a survey of both macro data on national trends and micro data on organizational structures of Japanese R&D. The macro part makes the point that high R&D expenditure by Japanese firms ... More


Wars Against Waste

Eiko Maruko Siniawer

in Waste: Consuming Postwar Japan

Published in print:
2018
Published Online:
May 2019
ISBN:
9781501725845
eISBN:
9781501725852
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501725845.003.0004
Subject:
History, Asian History

The early 1970s were a sharp pivot point in Japan’s postwar history, as the Garbage War of 1971 and the Oil Shock of 1973 thrust waste and wastefulness into a place of unprecedented visibility. ... More


Uneasy Dialogue

Giuliano Garavini

in The Rise and Fall of OPEC in the Twentieth Century

Published in print:
2019
Published Online:
August 2019
ISBN:
9780198832836
eISBN:
9780191871306
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198832836.003.0006
Subject:
History, Middle East History, World Modern History

Chapter 6 describes the failure of international negotiations between petrostates, key oil consumers, and developing countries during the Conference for International Economic Cooperation (also known ... More


The Oil Revolution

Giuliano Garavini

in The Rise and Fall of OPEC in the Twentieth Century

Published in print:
2019
Published Online:
August 2019
ISBN:
9780198832836
eISBN:
9780191871306
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198832836.003.0005
Subject:
History, Middle East History, World Modern History

Chapter 5 describes the OAPEC oil embargo and then explains the reasons for the “oil shock”, with its fourfold increase in the price of crude oil by December 1973. After the price increases of 1973 ... More


Japan: Paragon of Energy Efficiency, Green Growth Laggard

Brian Woodall

in Can Green Sustain Growth?: From the Religion to the Reality of Sustainable Prosperity

Published in print:
2013
Published Online:
May 2014
ISBN:
9780804785259
eISBN:
9780804788571
Item type:
chapter
Publisher:
Stanford University Press
DOI:
10.11126/stanford/9780804785259.003.0009
Subject:
Business and Management, Innovation

Despite compelling reasons to do so, Japanese policymakers have been reluctant to fully buy into a “green growth” strategy. One might have expected that the triple disasters of March 2011 – ... More


Confederate Cabinets and the Demise of the “1955 System,” 1972–1993

Brian Woodall

in Growing Democracy in Japan: The Parliamentary Cabinet System since 1868

Published in print:
2014
Published Online:
September 2014
ISBN:
9780813145013
eISBN:
9780813145327
Item type:
chapter
Publisher:
University Press of Kentucky
DOI:
10.5810/kentucky/9780813145013.003.0005
Subject:
Political Science, Democratization

This chapter traces the evolution of the cabinet system through the “Nixon shocks” and “oil shocks” to the final days of the “1955 system.” In this era of “confederate cabinets,” an already blurry ... More


A World within a World

Tamara K. Hareven

in The Silk Weavers of Kyoto: Family and Work in a Changing Traditional Industry

Published in print:
2003
Published Online:
March 2012
ISBN:
9780520228177
eISBN:
9780520935761
Item type:
chapter
Publisher:
University of California Press
DOI:
10.1525/california/9780520228177.003.0002
Subject:
Sociology, Occupations, Professions, and Work

Nishijin cloth is considered informally a cultural property of Japan. The introduction of the jacquard, followed by the spread of the powerloom, revitalized Nishijin's industry and made it supreme in ... More


The Islamization of the Iranian Revolution

Manlio Graziano

in Holy Wars and Holy Alliance: The Return of Religion to the Global Political Stage

Published in print:
2017
Published Online:
January 2019
ISBN:
9780231174626
eISBN:
9780231543910
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231174626.003.0006
Subject:
Religion, Religion and Society

This chapter explains the likely reasons for the ayatollahs' victory in Iran in 1979


Fall

Gary Gerstle

in The Rise and Fall of the Neoliberal Order: America and the World in the Free Market Era

Published in print:
2022
Published Online:
May 2022
ISBN:
9780197519646
eISBN:
9780197628751
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780197519646.003.0003
Subject:
History, Political History

Tensions within the New Deal order and Cold War liberalism began to emerge in the 1960s. A re-energized civil rights movement and popular opposition to the Vietnam War undermined Lyndon Johnson’s ... More


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