Prior to almost all recessions since 1900,there has been a drop in

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Prior to most recessions, there has been a decrease in the growth rate of the money stock. This is because a decrease in the growth rate of the money supply can dampen economic activity and lead to a contraction in output and employment. Inflation and interest rates may also be impacted by changes in the money supply, but they are not consistently associated with recessions in the way that a drop in the growth rate of the money stock is.

Prior to Almost All Recessions Since 1900,there Has Been a Drop