Are low oil prices as helpful to the economy as we once thought? (David Wessel, Brookings)

Alan Murray, the editor of Fortune and a member of the Hutchins Center Advisory Council, posed a timely question to a panel of prominent economists recently: “We used to think that a falling oil price was a great thing for consumers, and again, this may be a U.S.-focused view, but now we aren’t so sure. Maybe globally it’s a wash, but how much should we be worried about what’s happening with oil prices?”

In response, Joseph Stiglitz, a Nobel laureate, noted that in the short-term the adverse effects on the losers from changes in oil prices are greater than the benefits to the winners.

http://www.brookings.edu/blogs/up-front/posts/2016/02/19-are-low-oil-prices-helpful-economy-wessel