Olivier Blanchard, 18 January 2016

The world economy at the start of 2016 is a genuinely confusing place, with stock markets plummeting. This column discusses the mainstream narratives behind this – China and the oil price dip – and finds them wanting. The economic linkages seem too weak to justify the gyrations. Instead, they may be the result of herding or a delayed reaction to the global economy’s lower-for-long growth prospects.

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