The economic background [December 1996]

Low, Kenneth and Ashcroft, Brian and Swales, Kim (1996) The economic background [December 1996]. Quarterly Economic Commentary, 22 (1). pp. 1-6. ISSN 0306-7866

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There has been little change in the world economy since the last quarter. Interest rates were cut slightly in Europe in September 1996 but remain unchanged in the US and Japan. Monetary policy was loosened over 1995, and 1996 has seen contractionary fiscal policies. The result is that the global economy is now on an expansionary path again.