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hard landing


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When a recession follows the end of a period of excess demand and inflation. It is difficult to judge exactly how much fiscal and monetary restraint is needed to stabilize effective demand at a high level and inflation at a low one. Checks applied too little or too late fail to cure excess demand; checks that are too severe are liable to damage business confidence and start a recession. This is known as a hard landing, as contrasted with the ideal of a soft landing, where the timely use of moderate restraints succeeds in producing a smooth transition to price stability with high employment.

Subjects: Economics.


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