Credit Crunches and the Great Stagflation
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https://www.nber.org/papers/w35057
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We argue that severe credit crunches in the banking system contributed to the Great Stagflation of the 1970s. The credit crunches were due to Regulation Q, a banking law that capped deposit rates. Under Reg Q, Fed tightening triggered large deposit outflows that led banks to contract lending. The
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美国国家经济研究局创建时间：
2026-04-01
