In an interview in his office late Tuesday, Mr. Greenspan said he expected a rapid rebound from the current recession if the war is "relatively short" and oilfields are not seriously damaged.

Even though the recession may be lifting, fashion executives said that they saw no "snapback," or rapid rebound in sales.

THOSE who anticipate a rapid rebound of Iraq's domestic economy can point to the so-called economic miracle of West Germany after World War II.

In an interview, the Fed chairman said he expected a rapid rebound if the war is relatively short.

Instead of a rapid decline followed by rapid rebound, the recession is being followed by a slow rebound.

Since the ice receded from the area last, the most rapid rebound still occurs there.

But fund officials refused to predict whether there would be a rapid rebound.

"A lot of the rapid rebound was due to the very heavy rebates on leftover 1998 models."

A big reason for the rapid rebound was the Government's aggressive economic restructuring.

"We're setting up a very, very rapid rebound in total spending."