Date of Original Version

1997

Type

Response or Comment

Abstract or Description

It is a pleasure to discuss Mervyn King's lucid paper. King is concerned with two important issues: the current or recent prolonged recession in leading market economies, particularly in Europe and Japan, and the comparatively large fall in consumer spending during the recession.

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Published In

Asset Prices and the Real Economy, (eds.) Forrest Capie and Geoffrey Wood, New York: St. Martin’s Press.