The author argues that the economic benefits of low gasoline prices for the U.S. economy have fallen substantially since the reemergence of America as a major oil producer. The old rule-ofthumb that a 10% fall in the oil price raises inflation-adjusted U.S. GDP by 0.2% is too large - the impact...

The service sector expansion has shown to be a multiple trend process, producing distinct sectorial compositions. The present paper aims to make a comparison between two large economies in different stages of development with an extensive service sector (Brazil and United States), by focusing on...