Stagflation (jan 1, 1973 – jan 1, 1982)
Description:
Stagflation in the 1970s combined high inflation with uneven economic growth. High budget deficits, lower interest rates, the oil embargo, and the collapse of managed currency rates contributed to stagflation. Under Federal Reserve Board Chair, Paul Volcker, the prime lending rate was above 21% to reduce inflation.Added to timeline:
Date:
jan 1, 1973
jan 1, 1982
~ 9 years