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Financial crash, commodity prices and global imbalances: A comment

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  • E2 - Macroeconomics: Consumption
  • Saving
  • Production
  • Employment
  • And Investment
  • Economics


I appreciate the opportunity to discuss this paper by Ricardo Caballero, Emmanuel Farhi, and Pierre-Olivier Gourinchas. This paper was described to me as a mix of theoretical and empirical work that attempts a hat trick: explaining the joint combination of global imbalances, the deflation of the housing price bubble that created the subprime crisis, and volatile oil prices.

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