Abstract
The United States, the United Kingdom and Denmark have all enjoyed a long period of high stable growth and low inflation in the 1990s. Attempts to determine the implications of this have led to the so-called ‘New Economics’, whose advocates claim that the relationship between economic growth and inflation has fundamentally changed. The following article tests this thesis against current data for the USA.
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See, for example: Tom Nordin Cristensen: Inflationsudviklingen i USA og EU—“ny økonomi”?, in: Nationalsbankens Kvartalsoversigt, 1998; Det Økonomiske Råd: Dansk Økonomi, Forår 1998; Paul Krugman: How fast can the U.S. Economy grow?, in: Harvard Business Review, July/August, 1997; Paul Krugman: Requiem for the New Economy, in: Fortune, November 10, 1997; Paul Krugman: The Ice Age Cometh, in: Fortune, May 25, 1998; Peter Birch Sørensen: Lever vi i en “Ny Økonomi”, der kræver en ny politik?, in: Nationaløkonomisk Tidsskrift, No. 1, 1998; Steven Weber: The End of the Business Cycle?, in: Foreign Affairs, Volume 74, No. 4, 1997.
See OECD: Economic Surveys: United States, 1997.
See National Bureau of Economic Research: US Business Cycle Expansions and Contractions, 1998, at: www.nber.org/cycles.html.
See Paul Krugman: How fast…, op. cit. Paul Krugman: How fast can the U.S. Economy grow?, in: Harvard Business Review, July/August, 1997.
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Nielsen, J.UM. ‘New economics’?. Intereconomics 34, 39–45 (1999). https://doi.org/10.1007/BF02928970
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DOI: https://doi.org/10.1007/BF02928970