Financial Crash, Commodity Prices and Global Imbalances

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

NBER Working Paper No. 14521
Issued in December 2008

---- Acknowledgements -----

We thank Kathryn Dominguez, Doug Elmendorf, Carmen Reinhart, and Larry Summers for their comments and Gabriel Chodorow-Reich for excellent research assistance. Ricardo Caballero and Pierre-Olivier Gourinchas thank the NSF for financial support. Pierre-Olivier Gourinchas acknowledges the support of the Coleman-Fung Risk Management Research Center. First draft: July 2008. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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