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Volcker
Disinflation
Dot.com
Bubble
…Rebalancing……...
7
Volcker
Disinflation Great Recession
Oil Shock
Unemployment Rates & Year-to Year GDP Growth, Summer 2009
Summer ’09 2010
USA 9.4% 9.4%
Japan 5.4 5.1
China 9.0 4.1
Britain 7.8 7.9
Canada 8.6 7.6
Eurozone 9.4 9.7
France 9.4 10.1
Germany 8.3 6.7
Italy 7.3 8.2
Spain 18.1 20.1
Ireland 12.2 13.9
Russia 8.3 9.2
India 6.8 4.1
Korea 3.8 3.7
Argentina 8.4 7.0
Brazil 8.1 5.7
Iceland 8.1 7.6
Sample Exchange Rates, August 2009
Foreign Currency/US$