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Prospects Daily: President Obama proposes $450 billiion in jobs stimulus

Global Macroeconomics Team's picture

Important developments today:

1. Credit risk for European sovereigns, and commercial bank debt rises to fresh highs

2. European equity markets showed a certain degree of apathy to the plan announced by Mr. Obama last evening

 

World Bank published latest commodity prices: September 2011

John Baffes's picture

In August 2011 energy prices fell by 6.3%. Non-energy prices dropped by 1.6%; food prices moved up by 0.8%; beverages declined by 1.4%; raw materials prices slipped by 0.7%; metals declined notably by 4.1%; fertilizers gained by 1.2%. The US dollar depreciated 0.4% against the euro but appreciated 0.6% against a broad index of currencies.

Indices of Nominal US$ Prices, Percent Changes (July to August 2011)
 

Small-Time Convergence

Jamus Lim's picture

For any macroeconomist concerned about growth in nations, economic convergence---the catch-up of less developed economies with the mature industrialized ones---is the ultimate dream. The basic premise behind the notion of convergence gas been around for at least a half century, following on Robert Solow's groundbreaking work on the dynamics of economic growth. Alas, convergence, at least as commonly understood by the profession, has remained elusive for the majority of developing countries in the world.

World Bank published latest commodity prices: August 2011

John Baffes's picture

In July 2011 energy prices rose by 2.0%. Non-energy prices increased by 1.3%; food prices inched up by 0.2%; beverages gained 1.0%; raw materials prices fell by 3.6%; metals increased by 4.1%; fertilizers up by 1.5%. The US dollar appreciated 0.9% against the euro but did depreciated 0.7% against a broad index of currencies.

Indices of Nominal US$ Prices, Percent Changes (June to July 2011)

Source: The World Bank, Prospects Group, Commodities

Prospects Weekly: Ongoing debt-limit debate and disappointing growth reports weighed on the U.S. dollar

Global Macroeconomics Team's picture

European heads of state agreed on a €109 bn second financial package for Greece today. About one-third of the financing will be covered by debt swaps or rollovers by private bondholders. Aside from improving the terms of existing multilateral loans, the leaders also agreed to expand the European Financial Stability Facility’s mandate, including authority to buy bonds on the secondary market.

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