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Chapter

Part II: Learning about the Four Episodes

Author(s):
Ayhan Kose, and Marco Terrones
Published Date:
December 2015
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Chapter Epigraphs

For a generation the world has enjoyed its greatest boom. It is now suffering its greatest inflation and could shortly be struggling with its greatest slump.

The Economist (1974a)

The world is in recession because its bankers overlent to inefficient borrowers, and its governments may be going to overprotect against efficient producers now.

The Economist (1982a)

[G]lobal activity is projected to contract by 1.3 percent in 2009. This represents the deepest post–World War II recession by far. Moreover, the downturn is truly global: output per capita is projected to decline in countries representing three-quarters of the global economy.

Olivier Blanchard and José Viñals (2009)

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