Context
What was the main cause of the Oil Shock
Yom Kippur War
What fiscal policy was implemented to cut taxes?
The Tax Reduction Act
What was the overall result in Regan supporting the federal reserve in raising federal funds rates and tightening the money supply?
A huge decrease in inflation and a short term recession from 1981-1982
What was the economy like (one word answer)
Stagflation
How much was the FFR raised at its peak?
20%
What act deregulated loan and saving banks?
Garn-St Germain Depository institution act
How much did oil prices rise by?
400 %
What fiscal act created 401k?
Revenue Act of 1978
What act created the accelerated cost recovery system?
Economic recovery tax act of 1981
What does OPEC stand for?
Organization of the Petroleum Exporting Countries
Who was elected the new Fed Chair?
Paul Volcker
What act increased airport cigarette and telephone excise tax?
The tax equity and fiscal responsibility act of 1982