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Lehman’S Curse Spurs Deutsche To Pitch New Central Bank Targets

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More than six years since the collapse of Lehman Brothers Holdings Inc., the aftershocks are still reverberating.

Take, as Deutsche Securities Inc.’s Mikihiro Matsuoka has done, a list of eight economic measures and see how many nations have returned to their pre-crisis levels.

The answer for most is sobering. The U.S. comes out top among major developed economies, having clawed back all the ground it lost in industrial production, employment, private-sector lending and gross domestic product -- both when inflation is accounted for, and when it’s not.

The U.S. is still to revisit its peaks of core inflation and money supply growth, or to reach the low for unemployment. The U.K. has hit three of the eight gauges, while the euro-area only has managed to build back its level of nominal GDP, with Greece, Italy, Spain and Portugal not even doing that.

“The Lehman crisis marked a regime change in the global economy,” says Tokyo-based Matsuoka.

As Deutsche Bank’s chief economist for Japan, Matsuoka focuses on how the world’s third-largest economy has fared. While Japan scores for unemployment, lending and core inflation, Matsuoka discounts the labor-market gains because of the rising role of part-time workers.

Interesting, but aren't the US jobs gains in part-time work and low paid employment?

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