Greasing the wheel: Oil’s role in the global crisis
- 17 May 2012
Two academics conclude that the spike in the nominal price of oil from $19.7 to $133.4 a barrel between 2002 and 2008 played a role in the subprime mortgage crisis and the worsening of the balance-of-payment imbalance leading up to the crisis. Vox EU
Derek Thompson presents a graph showing that the major countries in the euro are more different from each other than "basically every random grab bag of nations there is," thus highlighting "the difficulty, and maybe impossibility, of the euro experiment." The Atlantic
In this piece, Jeffrey Frankel announces, with "regret" the death of inflation targeting. The candidates to replace it? Nominal GDP targeting seems to be the front-runner but don't discount dark-horse hopeful product-price targeting. Project-Syndicate
David Woolner says the beneficial programs that came from the New Deal showed that Franklin D. Roosevelt like Barack Obama today, understand that prosperity is going to be created through growth, not austerity. Next New Deal
With data released Wednesday showing home construction is near a three-year high and factory output has risen in three of the year's first four months, maybe the U.S. economy's strength this winter wasn't just weather-related after all. TIME
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