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Financial Crash, Commodity Prices and Global Imbalances

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  • Ricardo J. Caballero
  • Emmanuel Farhi
  • Pierre-Olivier Gourinchas

Abstract

In this paper we argue that the persistent global imbalances, the subprime crisis, and the volatile oil and asset prices that followed it, are tightly interconnected. They all stem from a global environment where sound and liquid financial assets are in scarce supply.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 14521.

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Date of creation: Dec 2008
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Publication status: published as Financial Crash, Commodity Prices, and Global Imbalances Ricardo J. Caballero, Emmanuel Farhi and Pierre-Olivier Gourinchas Brookings Papers on Economic Activity , Vol. 2008, (Fall, 2008) , pp. 1-55
Handle: RePEc:nbr:nberwo:14521

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  1. Roy, Joyashree & Sanstad, Alan H. & Sathaye, Jayant A. & Khaddaria, Raman, 2006. "Substitution and price elasticity estimates using inter-country pooled data in a translog cost model," Energy Economics, Elsevier, Elsevier, vol. 28(5-6), pages 706-719, November.
  2. Caballero, Ricardo J. & Farhi, Emmanuel & Gourinchas, Pierre-Olivier, 2008. "An Equilibrium Model of "Global Imbalances" and Low Interest Rates," Scholarly Articles, Harvard University Department of Economics 3229094, Harvard University Department of Economics.
  3. Markus K. Brunnermeier, 2008. "Deciphering the Liquidity and Credit Crunch 2007-08," NBER Working Papers, National Bureau of Economic Research, Inc 14612, National Bureau of Economic Research, Inc.
  4. Dahl, Carol & Sterner, Thomas, 1991. "Analysing gasoline demand elasticities: a survey," Energy Economics, Elsevier, Elsevier, vol. 13(3), pages 203-210, July.
  5. Daniel O. Beltran & Laurie Pounder & Charles Thomas, 2008. "Foreign exposure to asset-backed securities of U.S. origin," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) 939, Board of Governors of the Federal Reserve System (U.S.).
  6. Caballero, Ricardo J. & Krishnamurthy, Arvind, 2006. "Bubbles and capital flow volatility: Causes and risk management," Journal of Monetary Economics, Elsevier, Elsevier, vol. 53(1), pages 35-53, January.
  7. Jeffrey A. Frankel, 2008. "The Effect of Monetary Policy on Real Commodity Prices," NBER Chapters, National Bureau of Economic Research, Inc, in: Asset Prices and Monetary Policy, pages 291-333 National Bureau of Economic Research, Inc.
  8. William D. Nordhaus, 1980. "Oil and Economic Performance in industrial Countries," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, Economic Studies Program, The Brookings Institution, vol. 11(2), pages 341-400.
  9. Boyan Jovanovic, 2013. "Bubbles In Prices Of Exhaustible Resources," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 54(1), pages 1-34, 02.
  10. Olivier Blanchard & Francesco Giavazzi & Filipa Sa, 2005. "The U.S. Current Account and the Dollar," NBER Working Papers, National Bureau of Economic Research, Inc 11137, National Bureau of Economic Research, Inc.
  11. Olivier Blanchard & Francesco Giavazzi & Filipa Sa, 2005. "International Investors, the U.S. Current Account, and the Dollar," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, Economic Studies Program, The Brookings Institution, vol. 36(1), pages 1-66.
  12. Christopher Knittel & Daniel Sperling, 2006. "Evidence of a Shift in the Short-Run Price Elasticity of Gasoline Demand," Working Papers, University of California, Davis, Department of Economics 625, University of California, Davis, Department of Economics.
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