RBA Annual Conference – 1992 OECD Country Experiences with Disinflation
| 1973–79 | 1979–81 | 1981–86 | 1986–89 | 1990 | 19911 | Peak (year)2 | Trough (year)2 | ||
|---|---|---|---|---|---|---|---|---|---|
| United States | W | 7.2 | 9.0 | 4.8 | 4.1 | 4.4 | 4.0 | 9.2 (1980) | 3.3 (1989) |
| PC | 7.8 | 10.0 | 3.7 | 4.3 | 5.0 | 4.1 | 10.8 (1980) | 2.4 (1986) | |
| Japan | W | 11.4 | 7.2 | 4.7 | 4.7 | 5.2 | 4.5 | 7.9 (1980) | 3.5 (1987) |
| PC | 8.0 | 5.6 | 1.7 | 0.6 | 2.6 | 2.6 | 7.1 (1980) | −0.2 (1987) | |
| Germany | W | 6.6 | 5.6 | 3.3 | 2.8 | 4.3 | 5.8 | 6.4 (1980) | 2.8 (1989) |
| PC | 4.3 | 5.9 | 2.5 | 1.4 | 2.5 | 3.6 | 6.2 (1981) | −0.5 (1986) | |
| France | W | 13.2 | 13.7 | 7.2 | 4.4 | 4.9 | 4.6 | 13.9 (1980) | 3.5 (1987) |
| PC | 10.9 | 13.4 | 6.9 | 3.2 | 3.0 | 2.9 | 13.5 (1980) | 2.9 (1988) | |
| Italy | W | 17.7 | 20.0 | 11.3 | 8.3 | 8.6 | 8.1 | 20.2 (1981) | 7.3 (1986) |
| PC | 16.6 | 19.3 | 10.9 | 5.3 | 6.2 | 6.2 | 20.5 (1980) | 5.0 (1987) | |
| United Kingdom | W | 14.5 | 14.6 | 8.1 | 8.1 | 10.0 | 8.5 | 18.5 (1980) | 5.6 (1984) |
| PC | 14.0 | 12.6 | 5.3 | 4.8 | 5.6 | 7.4 | 15.3 (1980) | 4.3 (1987) | |
| Canada | W | 9.4 | 9.9 | 4.9 | 6.3 | 6.3 | 4.7 | 11.0 (1981) | 3.2 (1986) |
| PC | 8.5 | 10.6 | 5.1 | 4.2 | 4.2 | 4.8 | 11.2 (1981) | 3.7 (1985) | |
| Austria | W | 8.6 | 6.7 | 5.1 | 3.6 | 7.2 | 5.1 | 7.6 (1980) | 2.9 (1990) |
| PC | 6.2 | 7.0 | 3.7 | 1.6 | 3.1 | 3.3 | 7.6 (1981) | 0.9 (1987) | |
| Belgium | W | 9.8 | 8.2 | 4.9 | 1.7 | 5.5 | 5.0 | 11.5 (1980) | 0.9 (1987) |
| PC | 7.2 | 7.4 | 4.0 | 2.2 | 3.5 | 3.3 | 8.7 (1981) | 0.7 (1986) | |
| Denmark | W | 11.0 | 10.0 | 5.1 | 4.5 | 3.6 | 3.0 | 12.0 (1982) | 2.5 (1984) |
| PC | 10.4 | 11.7 | 6.1 | 4.6 | 2.1 | 2.6 | 12.0 (1981) | 2.1 (1990) | |
| Ireland | W | 17.1 | 17.8 | 8.8 | 5.7 | 4.5 | 3.3 | 19.1 (1980) | 3.3 (1991) |
| PC | 14.5 | 19.1 | 7.4 | 3.2 | 3.2 | 3.0 | 19.6 (1981) | 2.5 (1988) | |
| Netherlands | W | 9.1 | 4.2 | 1.8 | 2.2 | 3.0 | 4.0 | 6.0 (1982) | 0.5 (1984) |
| PC | 6.8 | 6.3 | 1.8 | 0.9 | 2.5 | 3.4 | 7.0 (1980) | −0.9 (1987) | |
| New Zealand | W | 12.4 | 17.3 | 3.9 | 7.8 | 4.3 | 3.0 | 17.7(1981) | 0.3 (1983) |
| PC | 14.2 | 16.1 | 10.9 | 8.4 | 6.5 | 2.8 | 17.8 (1980) | 2.8(1991) | |
| Norway | W | 8.5 | 10.0 | 8.5 | 6.1 | 5.1 | 4.4 | 10.9 (1981) | 3.9(1989) |
| PC | 8.4 | 11.6 | 7.7 | 6.0 | 4.3 | 3.6 | 13.4 (1981) | 3.6(1991) | |
| Sweden | W | 9.5 | 8.5 | 7.6 | 8.8 | 11.3 | 6.3 | 11.3 (1990) | 2.8 (1991) |
| PC | 10.3 | 12.4 | 7.8 | 6.0 | 9.7 | 10.4 | 12.4 (1980) | 4.6 (1986) | |
| Australia | W | 11.7 | 12.1 | 7.5 | 6.3 | 7.0 | 3.5 | 12.3 (1980) | 3.5 (1991) |
| PC | 11.9 | 9.6 | 8.1 | 6.9 | 6.1 | 3.5 | 10.9 (1982) | 3.5 (1991) | |
| Average3 | W | 11.1 | 10.9 | 6.1 | 5.3 | 5.9 | 4.9 | 11.0 – | 3.0 – |
| PC | 10.0 | 11.2 | 5.8 | 4.0 | 4.4 | 4.2 | 12.1 – | 2.4 – | |
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1. Preliminary figures. 2. After 1979. 3. Unweighted. Sources: OECD Economic Outlook (PC), OECD Historical Statistics (W for Austria); IMF International Financial Statistics (W for Ireland and New Zealand) and OECD National Accounts (W for other countries). |
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