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Until the global financial crisis of 2008-2009, deflation had all but disappeared as a (1) policymakers and investors in the advanced economies, apart from Japan, which has been subject (2) downward pressure on prices for nearly a generation. And now deflationary fears are on the wane again.
By the mid-1960s, the advanced economies began an era of rising inflationary pressures, ignited largely (3) fiscal and monetary policies in the United States, and acutely compounded by the oil price hikes of the 1970s. Stagflation, the combination of low economic growth and high inflation, became (4) by the end of that decade. Most contemporary market forecasts extrapolated those trends, predicting an uninterrupted upward march in oil and commodity prices. Inflation came to be seen (5) , and politicians looked toward price controls and income policies. Real (inflation-adjusted) short-term interest rates were consistently negative in most of the advanced economies.
Federal Reserve Chairman Paul Volcker’s monumental (6) US monetary policy in October 1979 (7) long cycle. Stagflation gave way to a new buzzword: disinflation, which accurately characterized many advanced economies, as inflation rates fell from double digits.
But disinflation is not the same as deflation. As shown in (8) , between 1962 and 1986, not a single advanced economy recorded an annual decline in prices. In many emerging markets, inflation rates soared into triple digits, with several cases of hyperinflation. As late as 1991, Greece had an inflation rate of about 20%. Even in historically price-stable Switzerland at that time, inflation was running above 5%.
This seems a distant memory after the steady decline in prices in Greece since 2013, alongside a debt crisis and (9) output. The Swiss National Bank, for its part, has been battling with the deflationary effects of the franc’s dramatic (10) the past few years.
- 1) transaction on
2) shooting on
3) concern for
4) charge to
5) deportment ofAnswer – 3)
Explanation : concern for - 1) to persistent
2) for relenting
3) of relentless
4) in yielding
5) the surrenderingAnswer – 1)
Explanation : to persistent - 1) by lessening
2) within amplification
3) by expansionary
4) with augmentation
5) the shrinkageAnswer – 3)
Explanation : by expansionary - 1) the lingo
2) a nuance
3) an original
4) a buzzword
5) the jargonAnswer – 4)
Explanation : a buzzword - 1) as curable
2) as eradicable
3) as occasional
4) as intermittent
5) as chronicAnswer – 5)
Explanation : as chronic - 1) tightening of
2) loosening for
3) laxation in
4) abatement on
5) little ofAnswer – 1)
Explanation : tightening of - 1) go ahead
2) ended that
3) motivate which
4) embark on
5) enter onAnswer – 2)
Explanation : ended that - 1) the figure
2) small letter
3) an uncial
4) the alphabet
5) a minusculeAnswer – 1)
Explanation : the figure - 1) rise on
2) success at
3) collapse in
4) build-up in
5) increase onAnswer – 3)
Explanation : collapse in - 1) criticism under
2) appreciation over
3) disparagement in
4) disregard upon
5) neglect inAnswer – 2)
Explanation : appreciation over