Stagflation has decayed the world economy during the 1970s and the early 1980s. Recent empirical studies suggest that … unanswered: is stagflation still a problem in the world economy? What factors other than the oil price cause stagflation? What … affects the extent of stagflation? Did the determinants of stagflation change over time? Are there differences between the …

of stagflation witnessed in the 1970s. Further, even allowing for these two effects, the results do not suggest that the …