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Second, economic adjustment within the euro area is continuing. This is most visible in the reduction of large current-account deficits driven by partly permanent declines in domestic absorption and gains in competitiveness, but is also apparent in gradually rising wages and domestic demand in surplus countries. Internal and external adjustment has farther to go, and it will have to be sustained over time to see an impact on stocks of domestic and external liabilities. The speed and the short-term economic costs of the adjustment depend on the degree of wage and price flexibility within economies and on their capacity to. | pennState An Emerging Giant Prospects and Economic Impacts of Developing the Marcellus Shale Natural Gas Play Timothy Considine Ph.D. Robert Watson Ph.D. P.E. Rebecca Entler Jeffrey Sparks The Pennsylvania State University College of Earth Mineral Sciences Department of Energy and Mineral Engineering August 5 2009 Acknowledgements The authors of this study acknowledge that the Marcellus Shale Gas Committee provided the funding for this study. Disclaimer This report was prepared as an account of work sponsored by the Marcellus Shale Committee. Neither the Department of Energy and Mineral Engineering at Penn State nor the Marcellus Shale Committee nor any person acting on behalf thereof makes any warranty or representation express or implied with respect to the accuracy completeness or usefulness of the information contained in the report nor that its use may not infringe privately owned rights or assumes any liability with respect to the use of or for damages resulting from the use of any information apparatus method or process disclosed in this report. This report was written and produced for the Marcellus Shale Committee by the Department of Energy and Mineral Engineering Penn State University. The opinions findings and conclusions expressed in the report are those of the authors and are not necessarily those of The Pennsylvania State University or the Marcellus Shale Committee. To obtain additional copies of the report or with questions regarding the content contact Timothy Considine at tconsidi@uwyo.edu or 307 760-8400 or Robert Watson at rww1@psu.edu or 814 865-0531. ii Study Team Timothy J. Considine PhD - Dr. Considine is the School of Energy Resources Professor of Energy Economics in the Department of Economics and Finance at the University of Wyoming. Dr. Considine was formerly a Professor of Natural Resource Economics at the Pennsylvania State University from 1986 to 2008. Robert W. Watson PhD PE - Dr. Watson is emeritus Associate Professor of Petroleum .
