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William J. Luther
Sound money macro: A follow up
Changes in the price level driven by productivity provide valuable information over time. Trying to offset such changes requires a costly adjustment of prices with no offsetting benefit in terms of the degree to which prices convey information about relative scarcity.
READ MOREAaron Nathans
Understanding Cheap Oil
Here’s an interesting take on the oil price crash in The Wall Street Journal, showing how things have changed, in seven charts. In the last year, the price of a barrel of crude oil has fallen to nearly half the price that it was.
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