1945

Convergence of growth, inflation and unemployment in the north

An important characteristic of the economic cycles among the major industrial countries in the early 1990s was their lack of synchronization. Japan continued to expand relatively rapidly throughout 1990-1991, and the spillover of demand from German unification supported growth in continental Europe, but growth in the United Kingdom and the United States decelerated and both countries eventually entered recession. Subsequently, both Japan and Germany experienced a sharp slowdown, while the United States and the United Kingdom embarked on a vigorous recovery.

Related Subject(s): International Trade and Finance
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