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Why QE in the Eurozone Is a Mistake

Paul De Grauwe and Yuemei Ji (“Quantitative easing in the Eurozone”, VOX, 2015) have argued that quantitative easing (QE) can occur in the Eurozone without fiscal transfers.  This may be the case, but their analysis is fundamentally misplaced, as it is based on incorrect, incomplete or missing premises.  We think it would be a mistake for [...]

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Latin America

The Curious Case of Brazil’s Closed Economy

Brazil’s is an unusually closed economy as measured by trade penetration, with exports plus imports equal to just 27.6 per cent of GDP in 2013. Brazil’s large size is often used to explain its relative lack of openness. But this argument does not stand up to scrutiny: among the six countries with larger economies than [...]

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European deflation

The threat of a “real” demand-driven deflationary spiral in Europe has rattled markets. But is European deflation all bad or possibly benign?

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Thoughts From Across the Atlantic

Creative Destruction in Russia and America: The Case of Energy

There was a dramatic transformation of the world energy market in 2014 as the price of crude oil was cut in half over a six month period. The price of West Texas Crude dropped from around $110 in June to $55 toward the end of December. Prices of natural gas and gasoline ($2.40 in December) [...]

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We have a plausible future where profits, information and political power accrue to a small group of technology-driven oligopolies, while the rest are reduced to commoditized micro-entrepreneurship (techno-serf) roles.

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Håvard Halland Håvard Halland

PHåvard Halland is a natural resource economist at the World Bank, where he leads research and policy agendas in the fields of resource-backed infrastructure finance, sovereign wealth fund policy, extractive industries revenue management, and public financial management for the extractive industries sector. Prior to joining the World Bank, he was a delegate and program manager for the International Committee of the Red Cross (ICRC) in the Democratic Republic of the Congo and Colombia. He earned a PhD in economics from the University of Cambridge.