Factors Underlying the Recent Recession (Papers Presented to the Panel of Academic Consultants)

摘要

The papers by the National Institute of Economic and Social Research and by the London Business School reproduced here were discussed at the fifteenth meeting of the Bank's Panel of Academic Consultants held on 17 July 1981. The term 'recession' is capable of being defined in various ways, and there is no complete agreement among economists as to what constitutes an explanation of past phenomena or how such an explanation can be found. The studies seek to explain departures of output (GDP) from an assumed non-recessionary trend starting from the year 1978. (Copyright (c) Bank of England 1981).