Peterson Institute for International Economics

Archive for September, 2009

  • The 2008 Oil Price “Bubble”

    BACKGROUND As oil prices began to rise in 2009 from a low point of about $40 a barrel in January to around $70 a barrel in July, a key question is whether the world is in for another oil price spike in the near term similar to that witnessed in early 2008. Several hypotheses were […]

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  • We Shouldn’t be Surprised by Signs of an Early European Recovery

    A common American assumption has been that the US economy would recover earlier and faster than that of the European Union. Therefore, the preliminary results for the second quarter of 2009, which showed that Germany and France grew by 0.3 percent over the first quarter of 2009, delivered a surprise. Well, this should not have […]

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  • Climate Change—Winning the Narrative

    Op-ed in the Business Standard, New Delhi  Narratives matter. Not just for creating and sustaining nationhood as Isaiah Berlin famously argued. They also matter critically in international negotiations. At the moment, India is not winning the battle of the narrative on climate change. And that’s a worry. The situation on climate change is somewhat reminiscent […]

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  • Control High Inflation, Not Exchange Rates

    Op-ed in the Moscow Times: It cannot be denied: Exchange rate policy around the world is confused and lacks theoretical ground. Although the degree of confusion varies, Russia is close to taking the prize. Before World War I, it was easy. Just about everybody used the gold standard, and if any country faced too high […]

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  • America Cannot Resolve Global Imbalances on Its Own

    Op-ed in the Financial Times August 19, 2009 The Obama administration is increasingly signaling that the United States will not continue to be the world’s consumer and importer of last resort. The clearest statements came last month from Larry Summers, White House economics director, in a speech at the Peterson Institute for International Economics and […]

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  • Is There an Economic Alternative?

    Op-ed submitted to Eurointelligence, August 24, 2009 September 1, 2009   Germany and Japan are heading into parliamentary lower-house elections. In both countries, there is a great deal of dissatisfaction with at least one major incumbent party, according to polling data. Regarding economic policy, there is concern in both countries that entrenched politicians have pandered […]

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  • Economic Recovery in Europe?

    Michael Mussa says that while Asia surges economically, the recession appears to be bottoming out in Europe as well as the United States, but it is too soon to determine the strength of the coming global recovery. Recorded August 19, 2009. © Peterson Institute for International Economics. Steve Weisman: This is Steve Weisman at the […]

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