Bundesbank's Analysis of Stagflation Following the 1973 Oil Shock
According to the German central bank (the Bundesbank), the first oil shock in 1973 triggered a period of stagflation—simultaneous high inflation and high unemployment—in many high-income countries. This analysis is exemplified by data from 1973 to 1975, during which US inflation rose from 6.2% to 9.1% as unemployment climbed from 4.9% to 8.5%. A similar trend occurred in Spain, where inflation increased from 11.4% to 17% and unemployment grew from 2.7% to 4.7%.
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Ch.4 Inflation and unemployment - The Economy 2.0 Macroeconomics @ CORE Econ
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Bundesbank's Analysis of Stagflation Following the 1973 Oil Shock
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