The proxies had to satisfy three constraints:
Indeed, in the first case, there was sustained double-digit growth of U.S. M2 from July 1971 until June 1973. During that period, M2 was growing at an average annual rate of 12.5%. That is roughly double the rate of monetary growth consistent with realizing an inflation rate of around 2% per year in the U.S. Not surprisingly, annual headline CPI inflation rose from 3.7% in January 1973 to a peak of 12.3% in December 1974, averaging 8.6% over those two years. Similarly, between January 1976 and December 1978, M2 growth averaged 11.2% per year. This led directly to a second surge of inflation, in which the average rate jumped from 7.6% in 1978 to 11.3%, 13.5%, and 10.3% in 1979, 1980, and 1981, respectively. In short, the surges in inflation that occurred at the same time as the two oil price spikes were already baked in the cake long before the oil crises erupted.
。关于这个话题，新收录的资料提供了深入分析
The cars have been made smaller and lighter with the intent of making them more nimble and better to drive, and to facilitate improved racing. The wheelbase has been reduced by 20cm to 340cm and the width by 10cm to 190cm. Across changes in the chassis and to the engine, the overall weight has been reduced by 30kg. Drivers such as Lewis Hamilton have declared themselves generally pleased with the improved handling characteristics of their more sprightly rides, which will operate with approximately 40% less drag, but they will not enjoy the same downforce or pace as with last year’s models and are expected to open the season a second or two slower per lap than last year.
https://feedx.net