Price Behavior During the 1973-75 Recession

by Council on Wage and Price Stability on October 4, 2009
by Council on Wage and Price Stability

The Council staff has undertaken a study of the responsiveness of prices to the 1973-75 recession and the extent to which this responsiveness varied with industrial concentration. The enclosed report presents and analyzes the results of the first stage of a multi stage study on which work is continuing. The study was undertaken in accordance with the Council’s statutory mandate to analyze factors affecting industrial price behavior. Specifically, this report focuses on three questions: (1) How did price behavior during this most recent recession compare to price behavior during earlier recessions? (2) Were there discernable differences in price behavior within the time period under examination? (3) To what extent might any differences in price behavior among industries be attributed to different degrees of industrial concentration? …

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