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Economic Commentary

Reappraising the 1987-88 Outlook

The economy is in the fifth year of an expansion that has been characterized by a relatively moderate inflation rate, by moderate growth in output, and by the continuation of large trade and federal deficits. Some observers feel that the economy, like Shakespeare’s character Hamlet, is trying to make up its mind and is currently wavering between tendencies toward accelerated growth in output and inflation, or toward another year of moderate growth in inflation and output.

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. This paper and its data are subject to revision; please visit clevelandfed.org for updates.

Suggested Citation

Erceg, John, and William G. Murmann. 1987. “Reappraising the 1987-88 Outlook.” Federal Reserve Bank of Cleveland, Economic Commentary 6/15/1987.

This work by Federal Reserve Bank of Cleveland is licensed under Creative Commons Attribution-NonCommercial 4.0 International