Publication: Dinámica Macroeconómica de Estados Unidos: ¿Transición entre dos Recesiones?
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2007
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Instituto Complutense de Estudios Internacionales (ICEI)
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El propósito de este trabajo consiste en explicar los resortes en los que se asienta el crecimiento económico registrado durante los últimos años y compararlos con los vigentes durante los años noventa. Ese contraste revela las continuidades y las diferencias que existen entre ambos períodos, a la vez que muestra cuáles son las limitaciones que determinan el agotamiento de la fase de crecimiento actual. En primer lugar, el trabajo analiza el funcionamiento de cinco “mecanismos de sobre-reacción” que impulsaron el crecimiento entre 1992 y 2000. A continuación explica las características de la política económica durante la recesión. El tercer apartado examina los resortes que sostienen el crecimiento reciente, para después compararlos con los vigentes en los años noventa. El apartado final extrae del análisis precedente un balance de problemas estructurales y de requisitos coyunturales que obstaculizan la prolongación del crecimiento reciente.
The aim of this work is to explain the foundations of the economic growth experienced during recent years and compare them with those of the 1990s. This comparison reveals the continuities and differences that exist between both periods, showing at the same time the limitations that determine the potential exhaustion of the current phase of growth. Firstly, this article analyses the working of the five ‘over-reaction mechanisms’ that boosted growth between 1992 and 2000. Then it explains the characteristics of economic policy during the recession. The third section examines the bases explaining the recent growth, comparing them with those of the 1990s. The final section withdraws some conclusions from this analysis about the structural problems and temporary obstacles that hamper the extension of the recent growth phase.
The aim of this work is to explain the foundations of the economic growth experienced during recent years and compare them with those of the 1990s. This comparison reveals the continuities and differences that exist between both periods, showing at the same time the limitations that determine the potential exhaustion of the current phase of growth. Firstly, this article analyses the working of the five ‘over-reaction mechanisms’ that boosted growth between 1992 and 2000. Then it explains the characteristics of economic policy during the recession. The third section examines the bases explaining the recent growth, comparing them with those of the 1990s. The final section withdraws some conclusions from this analysis about the structural problems and temporary obstacles that hamper the extension of the recent growth phase.
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