Branson, William H.; Fraga, Arminio; Johnson, Robert A. - 2021
features of the recession that began in July 1981.This paper points out the possibility of a purely anticipatory recession. If … forward-looking, the announcement can cause a recession, which will end when the actual fiscal action begins to stimulate the … economy. In the actual context of 1981, a shift toward monetary tightness also contributed to the recession …