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Major RecessionsBritain and the World 1920-1995$
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Christopher Dow

Print publication date: 2000

Print ISBN-13: 9780199241231

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0199241236.001.0001

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Shocks and Responses in Major Fluctuations

Shocks and Responses in Major Fluctuations

(p.88) 5 Shocks and Responses in Major Fluctuations
Major Recessions

Christopher Dow

Oxford University Press

This chapter discusses how the economy behaves in the course of major fluctuations. The detailed case studies of individual major recessions in Part II of the book suggest extensions to the standard account of the economic response to shocks. These are expounded in Sect. 5.1, which thus completes the theoretical introduction to the case studies provided in Part I. Section 5.2 is primarily empirical and tests statistical indicators of some main types of shock, and Sect. 5.3 uses this material to give a summary characterization of large and small fluctuations. Appendix A5 gives new estimates of fiscal policy impact.

Keywords:   economic response, fiscal impact, fiscal policy, fluctuations, recession, shock

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