Over the past few years most of the Western industrialised countries have experienced macroeconomic problems. Indeed some would claim that these problems are of crisis proportions. In a number of these countries there has been a high rate of inflation accompanied by a slow growth of output and high unemployment and this hitherto unprecedented state of affairs has been dubbed ‘stagflation’. Also over this period there have been large imbalances in the current-account balance-of-payments position of these countries and this has been accompanied by large capital flows across the foreign-exchange markets causing sharp changes in exchange rates.
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