1 Great Depressions of the Twentieth Century Project Timothy J. Kehoe and Edward C. Prescott
2 Cole and Ohanian, The Great Depression in the United States from a Neoclassical Perspective, Federal Reserve Bank of Minneapolis Quarterly Review, Winter Federal Reserve Bank of Minneapolis Conference, October Special Issue of Review of Economic Dynamics, January Great Depressions of the Twentieth Century, July 2007.
3 15 studies by 26 researchers using the same methodology Great depressions 1930s United States, United Kingdom, Canada, France, Germany Recent Argentina (1970s and 1980s), Chile and Mexico (1980s), Brazil (1980s and 1990s), New Zealand and Switzerland (1970s, 1980s, and 1990s), Argentina ( ) Not-quite-great depressions Italy (1930s), Finland (1990s), Japan (1990s)
4 Kehoe and Prescott define a great depression to be a large negative deviation from balanced growth. They set the growth rate in the balanced growth path to be 2 percent per year, the growth rate of output per working-age person in the United States during the twentieth century.
5 Real GDP per Working Age Person in the United States, index (1900 = 100) trend real GDP year
6 Trend growth: i t i yˆt yˆ0, 1.02 Great depression: D [ t, t ] such that There is some t in D in such that i t t0 i y ˆ t yt 2. There is some t t0 10 / such that i t t0 i y t yt 3. There are no t 1, t 2 in D, t2 t1 10, such that i t2 t / 1 i y t y t 1 /
7 Great depressions in the 1930s: Detrended output per person France Germany Index (1928 = 100) United States Canada
8 Great depressions in the 1980s: Detrended output per working-age person Index (1980 = 100) Brazil Mexico Chile 60 Argentina
9 Great depressions methodology Crucial elements: Growth accounting and dynamic general equilibrium model Growth accounting decomposes changes in output per working-age person into three factors: a productivity factor a capital factor an hours-worked factor
10 Great depressions methodology Crucial elements: Growth accounting and dynamic general equilibrium model Growth accounting decomposes changes in output per working-age person into three factors: a productivity factor a capital factor an hours-worked factor Keynesian analysis stresses declines in inputs of capital and labor as the causes of depressions.
11 Balanced growth path In the dynamic general equilibrium model, if the productivity factor grows at a constant rate, then the capital factor and the hours-worked factor stay constant and growth in output is due to growth in the productivity factor. Twentieth century U.S. macro data are very close to a balanced growth path, with the exception of the Great Depression and the subsequent World War II build-up.
12 Balanced growth path t t At t t t t Y K L N Y N When 1 A t 1 g At K L t Y and t t Nt are constant Y t N t grows at rate g 1, assume g as in U.S.
13 Growth Accounting for the United States output index (1970 = 100) hours worked capital productivity
14 Growth accounting for the United States capital productivity index (1929=100) output hours worked
15 We use a dynamic general equilibrium model to model the responses of households and firms in terms of capital accumulation and hours worked to changes in productivity and changes in government policy. We take the path of the productivity factor as exogenous. Comparing the results of the model with the data, we can identify features of the depression that need further analysis. Example: The Great Depression in the United States.
16 Growth accounting for the United States capital productivity index (1929=100) output hours worked
17 Growth accounting for the United States productivity index (1929=100)
18 Growth accounting for the United States index (1929=100) output
19 Growth accounting for the United States capital index (1929=100)
20 Growth accounting for the United States index (1929=100) hours worked
21 Conclusions A simple dynamic general equilibrium model that takes movements in the productivity factor as exogenous can explain most of the downturn in the United States. The model over predicts the increase in hours worked during the recovery. Need for Further Study The decline in productivity The failure of hours worked to recover
22 Lessons from Great Depressions Project The main determinants of depressions are not drops in the inputs of capital and labor stressed in traditional theories of depressions but rather drops in the efficiency with which these inputs are used, measured as total factor productivity (TFP). Exogenous shocks like the deteriorations in the terms of trade and the increases in foreign interest rates that buffeted Chile and Mexico in the early 1980s can cause a decline in economic activity of the usual business cycle magnitude. Misguided government policy can turn such a decline into a severe and prolonged drop in economic activity below trend a great depression.
23 Growth Accounting for Mexico capital index (1980 = 100) 100 hours output 80 productivity
24 A Decade Lost and Found: Mexico and Chile in the 1980s Raphael Bergoeing, Patrick J. Kehoe, Timothy J. Kehoe, and Raimundo Soto Similar crises in more severe in Chile than in Mexico Different recoveries much faster in Chile than in Mexico Why different pattern?
25 Real GDP per working-age (15-64) person detrended by 2 percent per year index (1980=100) Chile Mexico year
26 Growth accounting and applied dynamic general equilibrium model Two numerical experiments with model: Base case model: takes series for productivity factor as given. Model with tax reform: takes series for productivity factor as given and imposes tax reform that lowers tax on capital income in 1988 in both countries.
27 Applied dynamic general equilibrium model The representative consumer maximizes subject to t log (1 )log( ) t C 1980 t hnt Lt C K K wl ( )( r ) K T t t 1 t t t 1 t t t t where T ( r ) K is a lump-sum transfer. t t t t Feasibility: 1 t t 1 t t t t. C K ( 1 ) K AK L
28 First order conditions: 1 C Look at data t 1 Calibration 1 ( 1 )( r ) C t t t w hn L C 1 t t t t C C ( r ) C t t 1 Ct 0.30 in Mexico, 0.28 in Chile. C w( hn L) 0.98, 1 t t in Mexico, 0.56 in Chile t t t t. ;
29 Numerical experiments Base case: 0.45 in Mexico, 0.56 in Chile, t t Tax reform: 0.45 in Mexico, 0.56 in Chile, ; t t 0.12 in Mexico, 0.12 in Chile, t t
30 Detrended real GDP per working-age person and productivity factor Chile output index (1980=100) Chile productivity Mexico output 40 Mexico productivity
31 Detrended real GDP per working-age person: base case model Chile data index (1980=100) Chile model Mexico data 40 Mexico model
32 Detrended real GDP per working-age person: model with tax refrom 140 Chile model index (1980=100) Chile data Mexico data Mexico model
33 What do we learn from growth accounting and numerical experiments? Nearly all of the differences in the recoveries in Mexico and Chile result from different paths of productivity. Tax reforms are important in explaining some features of the recoveries, but not the differences. Implications for studying structural reforms story: Only reforms that are promising as explanations are those that show up primarily as differences in productivity, not those that show up as differences in factor inputs. Timing of reforms is crucial if they are to drive the differences in economic performance.
34 Chile: tax reforms 1975, 1984 social security reform 1980 fiscal surpluses Fiscal reforms Mexico: tax reforms 1980, 1985, 1987, 1989 fiscal deficits Important, but not for explaining the differences!
35 Trade reforms Chile: by 1979 all quantitative restrictions eliminated uniform tariff of 10 percent tariff hikes during crisis tariff back below 10 percent in 1991 Mexico: in percent of domestic production protected by import licenses nontariff barriers and dual exchange rates Massive trade reforms in Mexico , culminating in NAFTA Timing seems wrong!
36 Privatization Chile major privatizations Mexico major nationalization 1982 expropriated banks holdings of private companies government controlled percent of GDP major privatizations after 1989 Timing seems wrong?
37 Banking Chile: 1982 and after took over failed banks market-determined interest rates lowered reserve requirements. Mexico: 1982 and after nationalized all banks government set low deposit rates 75 percent of loans either to government or directed by government.
38 Private credit as a percent of GDP Chile percent GDP Mexico year
39 Bankruptcy laws Chile had reformed the administration of its bankruptcy procedures in In 1982 it reformed its bankruptcy laws to look much like those in the United States. Mexico reformed its bankruptcy procedures in a similar way only in (Maybe not so similarly!)
40 Business bankruptcies in Chile number per year year
41 Studying the experience of countries that have experienced great depressions during the twentieth century teaches us that massive public interventions in the economy to maintain employment and investment during a financial crisis can, if they distort incentives enough, lead to a great depression.
42 Comparison of the U.S. recession with the U.S. recession
43 U.S. Real GDP index (peak = 100) IV 1981 III quarter following peak
44 U.S. Unemployment Rate July percent December month following peak
45 Comparison of the U.S. recession with the U.S. recession Using conventional measures real GDP, unemployment rate the recession is not noticeably worse than the recession.
46 Comparison of the U.S. recession with the U.S. recession Using conventional measures real GDP, unemployment rate the recession is not noticeably worse than the recession. The recovery during the recession has been slower, and there is still a danger that the current recession could turn into a double-dip recession.
47 What about growth accounting?
48 Growth Accounting, Recession index (1981 III = 100) output capital productivity hours worked quarter following peak
49 Growth Accounting, Recession productivity index (2007 IV = 100) capital output 92 hours worked quarter following peak
50 What about growth accounting? The recession(s) is an example of the standard real business cycle downturn, where the driving force is a drop in productivity. The current recession is different. This warrants further research.
51 What did we economists do wrong? If the risk of a fall in housing prices had been understood and priced correctly, higher interest rates on lending for construction projects and mortgages would have corrected the problem. The lack of understanding of systemic risk on the part of banks, regulators, and bond ratings agencies calls for reform and, perhaps, new regulations.
52 What did we economists do wrong? If the risk of a fall in housing prices had been understood and priced correctly, higher interest rates on lending for construction projects and mortgages would have corrected the problem. The lack of understanding of systemic risk on the part of banks, regulators, and bond ratings agencies calls for reform and, perhaps, new regulations. Mistakes like this happen. We cannot be constantly over regulating our economy to prevent the previous crisis from occurring again.
53 What did we economists do right? Kareken-Wallace and Stern-Feldman: Efficiently allocating risk requires that any insurance should be accompanied by regulation. Any institution that is too big to fail needs to be regulated. Kehoe-Prescott (and others!): We need to study crises of the past to be prepared to deal with them in the future.
54 Those who try to justify the sorts of Keynesian policies implemented by the Mexican government in the 1980s often quote Keynes s dictum from A Tract on Monetary Reform: The long run is a misleading guide to current affairs. In the long run we are all dead.
55 Studying past great depressions turns this dictum on its head: If we do not consider the consequences of policy for productivity, in the long run we could all be in a great depression.
What Can We Learn From the Current Crisis in Argentina? Timothy J. Kehoe University of Minnesota and Federal Reserve Bank of Minneapolis June 2003 www.econ.umn.edu/~tkehoe The economy of Argentina finds
The U.S. Economic Recovery: Why so weak and what should be done? William J. Crowder Ph.D. Weak Recovery? It s no secret that the U.S. economy has still not fully recovered from the financial crisis and
The Rise of China and Breaking out the Middle- Income Trap in Latin America and the Caribbean countries: A New Structural Economics Approach Justin Yifu Lin Senior Vice President and Chief Economist The
The Economic Outlook Economic Policy Division Glass Half Full Six years of steady growth Real GDP Outlook Percent Change, Annual Rate 10 5 0-5 -10 1980 1985 1990 1995 2000 2005 2010 2015 Glass Half Full
FIVE GREAT STAGNATIONS Paper to Treasury Seminar: 26 July, 2011 Brian Easton Economic and Social Trust On New Zealand Introduction Definitions Beginnings Stagnation 1: The Long Depression Stagnation 2:
Economic Outlook March 212 Economic Policy Division Real GDP Outlook Percent Change, Annual Rate 2 1 1 - -1 197 197 198 198 199 199 2 2 21 U.S. GDP Actual and Potential Quarterly, Q1 197 to Q4 211 Real
RBC Economics Financial Update Dawn Desjardins CICA/RBC Q4 2011 Business Monitor Economic Results Overview Business and Economic Optimism Begin to Stablize 100 % 80 % 60 % 40 % 20 % 0 % National Optimism
The Economic Outlook Economic Policy Division Glass Half Full Six plus years of moderate growth Real GDP Outlook Percent Change, Annual Rate 10 5 0-5 -10 1980 1985 1990 1995 2000 2005 2010 2015 Glass Half
2017 International Economic Outlook Everett Grant Research Economist Globalization & Monetary Policy Institute Federal Reserve Bank of Dallas October 2017 The views expressed are those of the author and
Recent Developments in the Canadian Economy: How have the decline in oil prices and a weaker Canadian dollar affected Canada s economy? www.statcan.gc.ca Telling Canada s story in numbers Elizabeth Richards
The U.S. Economic Outlook Presented to: Maquiladora Industry Outlook Conference September 29 2006 Presented by: Patrick Newport Principal, U.S. Macroeconomic Service 781-301-9125 firstname.lastname@example.org
Understanding the Unemployment Picture Dr. Christopher Waller Senior Vice President and Director of fresearch Federal Reserve Bank of St. Louis By David Andolfatto and Marcela Williams A Look at Unemployment
U.S. AUTO INDUSTRY UPDATE Federal Reserve Bank of Chicago Automotive Outlook Symposium Emily Kolinski Morris Chief Economist May 2015 NORTH AMERICA INDUSTRY VOLUME SUMMARY 13.1 Total North America* (Mils.)
Opportunities in a Challenging Global Business Environment: Can the World Avoid a Double-Dip? Ross DeVol Chief Research Officer (310) 570 4615 email@example.com www.milkeninstitute.org Presentation
The Global Economy: Sustaining Momentum David J. Stockton Senior Fellow Peterson Institute for International Economics Chief Economist Monetary Policy Analytics October 5, 2017 What s Driving the Global
Trade Growth - Fundamental Driver of Port Operations and Development Strategies Marine Terminal Management Training Program October 15, 2007 Long Beach, CA Paul Bingham Global Insight, Inc. 1 Agenda Economic
Airlines, the economy and air transport demand Brian Pearce, Chief Economist, IATA www.iata.org/economics Airline Industry Economics Advisory Workshop 2016 1 Returns for airlines investors lower this year;
Unconventional Monetary Policy: Thoughts on the U.S. and Japanese Experiences International Conference on Capital Flows and Safe Assets John Rogers Senior Adviser Federal Reserve Board May 27, 2013 The
2017 PNG Economic Survey Rohan Fox (ANU), Stephen Howes (ANU), Nelson Atip Nema (UPNG), Marcel Schröder (UPNG and ANU) Introduction New government, new plan Short-term challenges: recession, falling government
Farmland Booms and Busts: Will the Cycle be Broken? Kansas Society of Farm Managers and Rural Appraisers Salina, KS February 23 rd, 2012 Brian C. Briggeman Associate Professor and Director of the Arthur
Babson Capital/UNC Charlotte Economic Forecast May 13, 2014 Outline for Today Myths and Realities of this Recovery Positive Economic Signs Negative Economic Signs Outlook for 2014 The Employment Picture
Carol Tomé CFO and Executive Vice President, Corporate Services Financial Overview December 6, 2017 1 Discussion Overview Fiscal 2017 Financial Guidance Our View of the Economy and State of the U.S. Housing
Indicators Asset Price : A Role for Global Liquidity Lucia Alessi European Central Bank Carsten Detken Milan, 24 June 2010 The need for Models The set up of an System is one of the key tasks of the European
MUSTAFA MOHATAREM Chief Economist, General Motors INTRODUCTION The U.S. economy continues to grow at a gradual but also erratic pace The current recovery is one of the slowest in the post-wwii U.S. history.
Steel: A Buyer s Market for the Worst of Reasons John Anton Director, IHS Global Insight Steel Service August 2009 The U.S. Recession Is Bottoming Out This recession has been the most severe of the postwar
Kevin Thorpe Financial Economist & Principal Cassidy Turley Economic & Commercial Real Estate Outlook Kevin Thorpe, Chief Economist 2012 Another Year Of Modest Improvement 2006Q1 2006Q3 2007Q1 2007Q3 2008Q1
Growth Strategies and Dynamics in Developing Countries Michael Spence Hamilton Project/CGD Forum Washington D.C. April 14, 2008 1 The Focus The subject is sustained high inclusive growth and the policies,
Policy and Economic Analysis Program Rotman School of Management University of Toronto Issues in the Long-Term Economic Outlook for Canada Office of the Chief Actuary Canada Pension Plan Seminar September
Southwest Ohio Regional Economy in Context Richard Stock, PhD. Business Research Group State of the Metro Area (in January Each Year) Total Employment has slowly increased in the last three years after
Distributional National Accounts: Methods and Estimates for the United States Thomas Piketty (PSE) Emmanuel Saez (UC Berkeley) Gabriel Zucman (UC Berkeley) November 2016 There is a large disconnect today
The outlook: what we know, the known unknowns and the unknown unknowns 24 April 2017 Seoul Brian Pearce, Chief Economist, IATA www.iata.org/economics Airline Industry Economics Advisory Workshop 2016 1
2018 Annual Economic Forecast Dragas Center for Economic Analysis and Policy PRESENTING SPONSOR EVENT PARTNERS 2 The forecasts and commentary do not constitute an official viewpoint of Old Dominion University,
Current Hawaii Economic Conditions Eugene Tian Department of Business, Economic Development & Tourism At the PATA/TTRA 2016 Annual Outlook & Economic Forecast Forum February 3, 2016 Positive Signs in the
EFFECTS OF EXTENDING AND EXPANDING ENERGY-EFFICIENCY TAX DEDUCTION FOR COMMERCIAL BUILDINGS Prepared by Regional Economic Models, Inc. (REMI) Agenda Overview of 179D tax provision Energy efficiency and
XL Meeting of the Network of Central Banks and Finance Ministries: Latin America Roundtable Ernesto Talvi Academic Director, CERES (Uruguay) Nonresident Senior Fellow & Director Economic and Social Policy
The Party Is Over U.S. Automotive Outlooks Yen Chen Senior Research Economist Center for Automotive Research Federal Reserve Bank of Chicago Economic Outlook Symposium December 1, 2017 U.S. Light Vehicle
The future of the Euro Area and Its Enlargement André Sapir Outline EMU: lessons from the crisis When should Romania join EMU? Lessons from the crisis: What was wrong with EMU 1.0? Impact of EMU on financial
The Economy of Finland Aug 30st 2013, Finnish Ministry of Foreign Affairs Presentation for the American Fulbright Grantees Petteri Rautaporras, Economist at the Federation of Finnish Technology Industries
Facing the Crisis in Southern Europe: Demographic, Political and Social Service Dilemmas Manuel Aguilar Hendrickson Universitat de Barcelona firstname.lastname@example.org The Roatch Lecture The Roatch-Haskell
Faroe Islands Syssel -border Municipal border Danish Geodata Agency (does not belong to a municipality) Municipal border Danish Geodata Agency Faroe Islands and The populations The economy The populations
The U.S. & World Economy: The Good, the Bad, and the Ugly Michael Strauss Chief Economist and Chief Investment Strategist Commonfund October 16, 2012 The U.S. & World Economy: The Good, the Bad, and the
Centre de référence en agriculture et agroalimentaire du Québec April 21, 2015 2015 2016 economic and financial outlook François Dupuis Vice-President and Chief Economist Desjardins Group Cooperating in
This paper (presented on the CASE internal seminar on May, 28 2003) summarizes the preliminary results of the research conducted within the frames of the project entitled Strategies for joining the European
Demographics, Debt, Dollar and Deflation Is the next Great Reset coming? CMTA Advanced Investment Workshop January 28, 20145 Presented by Douglas C. Robinson RCM Robinson Capital Management LLC SEC Registered
Economic Outlook Peter Rupert Professor and Chair Department of Economics, UCSB Director, UCSB Economic Forecast Project League of California Cities Monterey, CA December 3, 2014 Economic Update economic
Korea s Education Reform Ju Ho Lee, KDI School Table of Contents I. Virtuous Circle II. Number One in Human Capital? III. Education Bubbles IV. Education reform V. Powerhouse of Global Talents Socio-Economic
Dick Vos Senior Manager Research & Strategy! House prices now falling at fastest rate since early 1990s House prices will fall 7% in 'uncertain' market IMF warns on global house prices House prices Through
Nitzan / 3270 GPE I I. Capitalism: A Brief History / 1 First Lecture Capitalism: A Brief History Definition Economic system? Private ownership / profit motive / wage labour Beginnings 16 th century: Feudal
colorado.edu/business/brd Big Changes, Unknown Impacts Southwest Business Forum Place cover image here Richard Wobbekind Senior Economist and Associate Dean for Business and Government Relations January
Research Institute of Economy, Trade and Industry (RIETI) BBL Seminar Handout September 12, 2011 China s Demographic Change and Implications for Rest of the World" CAI Fang http://www.rieti.go.jp/jp/index.html
The World Picture A View for Sea Trade Presented to: AAPA Marine Terminal Management October 20, 2008 Baltimore, MD Presented by: Scott Sigman Principal, Global Trade & Transportation IHS Global Insight
J.P. Morgan Ultimate Services Investor Conference November 15, 2016 Max Messmer Chairman and CEO Keith Waddell Vice Chairman, President and CFO Company Background Originated in 1948 as boutique financial
International Workshop on Urban Energy and Carbon Modeling, February 5-6, 28, AIT Centre, Asian Institute of Technology, Pathumthani, Thailand Comparison of urban energy use and carbon emission in Tokyo,
The end of the macroeconomic adjustment? Economic Department Political stress and Government Yield Curve Yield Curve - Brazil 0#DIJ: Yield 15,8 15,655 15,655 15,6 15,4 YC; 0#DIJ:; Trade Price; Realtime;
Small Business Dynamics and Job Creation Or Small Business Numbers, Pretty Pictures and Not So Pretty Pictures Brian Headd Office of Advocacy U.S. Small Business Administration Employers 8,000,000 7,500,000
History of the European Monetary Integration European Payment Union (1950-1958) Facilitated multilateral clearing of payment imbalances. The Bank of International Settlements acted as a clearing house.
IFC Satellite meeting at the ISI Regional Statistics Conference on Is the household sector in Asia overleveraged: what do the data say? Kuala Lumpur, Malaysia, 15 November 2014 Assessing household balance
11 th Annual Oregon Economic Forum! (almost) Beyond! Macroeconomics Portland, OR! October 16, 2014! Expansion Continues! Five Years and More!! Recession Indicators Nonfarm Payrolls Real Personal Income
Energy Outlook Global and Domestic Trends and Challenges Dr. John Caldwell Director of Economics, EEI 1 World GDP Growth Other Economies are Outpacing the U.S. Other, 7996.16, 11% Africa, 3962.51, 6% Latin
The Virginia Economy: Labor Markets and Workforce April 4, 2017 Sonya Ravindranath Waddell Regional Economist Research Department The views and opinions expressed herein are those of the author. They do
REGIONAL ECONOMIC BRIEFING Recent Developments in the U.S. Manufacturing Industry Kevin L. Kliesen Business Economist and Research Officer September 7, 2017 1 Disclaimer The views we will express today
U.S. Property Market Outlook, 2013Q1 Jim Costello, Managing Director CBRE Americas Research Investment Research CBRE Page 2 Outlook for the Real Side of the Economy Operationally, what do Research Teams
2005/06 BUDGET DIGEST Ministry of Finance United Republic of Tanzania TABLE OF CONTENTS No. List of Charts/Tables Page No. 1 Annual Growth in Real GDP 1 2 Trend in Real Agricultural Output 1 3 Trend in
MARCH 22, 2013 PART 1 OF 3 THOUGHTS FROM THE GOLF INDUSTRY SHOW Darius Hatami, MAI Managing Director HVS Golf Services www.hvsgolf.com HVS Golf Services 1007 Pearl St, Suite 240, Boulder, CO 80302, USA
Understanding the interest-rate growth differential: its importance in long-term debt projections and for policy David Turner, OECD UN DESA Expert Group Meeting on the World Economy, LINK Project October
The future of aid: six big trends Stephen Howes Development Policy Centre Crawford School of Public Policy Australian National University 1. Declining ODA volumes 1960 1962 1964 1966 1968 1970 1972 1974
World supply and demand of tilapia by Helga Josupeit FAO Rome, October 2010 World tilapia production World tilapia production has been booming during the last decade, with output doubling from 830000 tonnes
2012 WORLD Geographic Trend Report for GMAT Examinees WORLD Geographic Trend Report for GMAT Examinees The World Geographic Trend Report for GMAT Examinees identifies mobility trends among candidates applying
THE LONG-TERM FORECAST FOR RUSSIAN ECONOMY UP TO 2030 (BY VARIANTS) GDP GDP 1980 1990 1998 2010 20302 Moscow 2007 Logic of interaction of economic variables in complex of models IEF RAS INCOM OUTPUT RESOURCE
LV/18/05/2014 Abstract The international ski market Presentation to ISIA Congress 17 May 2014 - Vuokatti Market metrics Skier : one person practising ski, snowboard or other downhill slide, independent
Commodity Market Outlook: Corn, Forage, Wheat & Cattle Stephen R. Koontz Professor & extension economist Department of Agricultural & Resource Economics Colorado State University Stephen.Koontz@ColoState.Edu
Steel Market Outlook AM/NS Calvert Agenda Economic indicators Key steel consuming markets and forecasted demand Steel consumptions trends Global steel markets and raw materials Comments on trade 1 U.S.
Nevada County Population Projections 2015 to 2034 Prepared By: Jeff Hardcastle, AICP Nevada State Demographer Nevada Department of Taxation Reno Office: 4600 Kietzke Lane, Building L Suite 235 Reno, NV
Fiscal Implications of Central Bank Balance Sheet Policies Athanasios Orphanides MIT Banco de Espana Madrid, 6 June 2016 Fiscal Sustainability, XXI Century The balance sheet of the Federal Reserve 4500
Global Outlook for Agriculture Trend versus Cycle Michael Swanson Ph.D. Wells Fargo October 2017 Everything is connected we just don t see how. Connection corollary: Nothing natural moves in a straight