Reinhart, Carmen (2009): Financial crash, commodity prices and global imbalances: A comment. Forthcoming in: Brookings Papers on Economic Activity (2009)
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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.
|Item Type:||MPRA Paper|
|Original Title:||Financial crash, commodity prices and global imbalances: A comment|
|Keywords:||oil prices volatility saving global imbalances|
|Subjects:||E - Macroeconomics and Monetary Economics > E2 - Macroeconomics: Consumption, Saving, Production, Employment, and Investment|
|Depositing User:||Carmen Reinhart|
|Date Deposited:||28. Feb 2009 12:51|
|Last Modified:||19. Feb 2013 05:00|
Fisher, Irving, “The Debt-Deflation Theory of Great Depressions,” Econometrica 1, no. 4 (1933)
Gourinchas, Pierre-Olivier, and Hélène Rey, “From World Banker to World Venture Capitalist: US External Adjustment and the Exorbitant Privilege,” Working Paper 11563 (Cambridge, Mass.: National Bureau of Economic Research, 2005).
Reinhart, Carmen M., and Vincent Reinhart, “Is the US Too Big to Fail?” (VoxEU, 2008). www.voxeu.com/index.php?qnode/2568.
Reinhart, Carmen M., and Kenneth Rogoff, This Time Is Different: Eight Centuries of Financial Folly (Princeton University Press, forthcoming 2009).
Schmidt-Hebbel, Klaus, and Luis Servén, “Saving across the World: Puzzles and Policies,” Discussion Paper 354 (Washington: World Bank, 1997).
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