ABSTRACT
The recession of 1980 began in January 1980 and ended in July 1980. Three major developments affected the economic environment in 1978 and 1979, the years just prior to the recession:
Marked slowdown in productivity increases during the 1970s
The Iranian Revolution of 1979, which resulted in much higher gasoline and other oil prices
Decline in the value of the dollar, which raised the prices of imports
