The Supply-Shock Explanation of the Great Stagflation Revisited
---- Acknowledgments ----
Paper presented at the NBER conference on The Great Inflation, Woodstock, VT, September 2008. Blinder gratefully acknowledges research support from Princeton's Center for Economic Policy Studies. We also thank Olivier Blanchard and other conference participants for useful suggestions. The opinions expressed here are our own, however, and do not necessarily reflect the views of any of the institutions with which we are affiliated, nor those of the National Bureau of Economic Research.