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Financial crash, commodity prices and global imbalances: A comment

Reinhart, Carmen (2009): Financial crash, commodity prices and global imbalances: A comment. Forthcoming in: Brookings Papers on Economic Activity (2009)

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Abstract

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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