ABSTRACT
The recession of 1973-75 began in November 1973 and ended in March 1975. Two major policy changes preceded this recession:
s %STABLISHMENTANDADMINISTRATIONOFMANDATORYPRICEANDWAGECONTROLS of August 15, 1971 s #ONVERTINGTHEFOREIGNEXCHANGEVALUEOFTHEDOLLARFROMlXEDTOmOATING
rates in 1972 and 1973
The Arab oil embargo began in October 1973, only one month before the onset of the recession, resulting in much higher oil prices. While the embargo deepened and lengthened the recession, it did not precipitate it, which is the focus in this book.
