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@Jasper: see table 12 here. The high price case, a 70% increase in price of oil, spread out over 10 years from the 2006 price ($60-$70/bbl), will increase unemployment about 0.5%. This was written before the 2008 price shock. Such shocks cause more damage because people do not have time to plan and coordinate their responses.

by goldfish on Sep 8, 2011 10:21 am • linkreport

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