We need a long-term cap on carbon output and a market price for carbon, he said, because it will send a long-term signal to energy companies, removing the uncertainty around capital investment plans.
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IMF's latest World Economic Outlook found that output losses after house-price busts in rich countries have on average been twice as large as those after stockmarket crashes.
Input cost inflation fell to its lowest level in two-and-a-half years, while output price increases moderated to their slowest pace since Q3 2010, bringing a much needed break from relentless inflation. (Read Mantega: Inflation Under Control In Brazil).
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As lower costs encourage firms to produce more at any given price (ie, the supply curve shifts from S1 to S2 in the chart), the long-term equilibrium level of output will rise and the price level will fall.
In the past, we may have considered a projector-equipped camcorder if the price was right, but with dim output (typically less than 20 lumens) and content options limited to footage you've shot, the available functionality often didn't justify a premium of several hundred dollars.
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There seems to be no immediate pass-through from the higher oil price into the domestic confidence indices and output and demand indicators.
"For almost 10 years, the cartelists carried out the most harmful anti-competitive practices, including price fixing, market sharing, customer allocation, capacity and output coordination and exchanges of commercial sensitive information", the commission said.
The outlook for the Organization of Petroleum Exporting Country's meeting on Thursday, in which OPEC is expected to report unchanged output and increased global demand for oil, sent oil's price down in pre-market trading.
Nevertheless, some analysts say that mine output has not grown as rapidly as might be expected given a several-fold increase in the price of gold over the last decade.
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In general, central banks prefer to target the inflation rate, partly because a price-level target is harder to explain, and partly because the need to reverse previous deviations from target may make output more volatile.
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