Lindsay, David E. (contributor); … - 2004
Federal Open Market Committee (FOMC)
meetings during 1979. We then present and discuss in detail the reasons for the FOMC …, unemployment to rise, and, as a
consequence of the increasing labor-market slack, the inflation rate to decline (BOG,
1979b, p. I … economy
either already was in recession or close to a cyclical peak.
In early July, the Greenbook assessed that a recession …