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Three of the world�s preeminent economists will dissect the causes and effects of volatility and instability in the global economy and in credit, housing and oil markets, and the resulting outlook for business, consumers and financial markets at the coming Cambridge Energy Research Associates CERAWeek 2008 conference, beginning February 12 at the Westin Galleria Hotel in Houston. Making presentations at CERAWeek will be: Dr. Alan Greenspan, Chairman, U.S. Federal Reserve (1987-2006) � Keynote Dinner Address, 6:30 p.m., Thursday, February 14. Kenneth Rogoff, Professor of Public Policy and Professor of Economics, Harvard University, former chairman of International Monetary Fund � Special Address, Energy and the Economy, 3:00 p.m., Tuesday, February 12. Robert Shiller, Professor of Economics, Yale University and author of Irrational Exuberance - �Bubbles, Cycles & the Global Economy� (invitation-only presentation), Monday, February 11. �CERAWeek is about more than just energy,� said CERA Chairman and IHS Executive Vice President Daniel Yergin. �The energy industry and financial thought leaders attending CERAWeek will have access to a depth and range of experience, expertise, perspectives and analysis on the global economy that will provide a strong framework for assessing future economic prospects and their impact on energy markets. �These speakers� understanding and previous observations on the fundamentals and current trends in the energy, housing and credit markets reveal a foresight and forthrightness that are of high value to decision makers grappling with the hard alternatives presented in today�s challenging environment,� Yergin said. Robert Shiller �I think there are clouds on the (economic) horizon. The dominant theme right now is the housing boom, and secondly the high oil prices which have traditionally been a precursor of a recession.� (Bloomberg, August 19, 2006) In the extreme scenario, buyers start to default on adjustable-rate mortgages and trigger a financial crisis in the banking sector. Real estate prices nosedive as properties are abandoned. If this is compounded by significantly higher oil prices, "it could change the psychology," says Shiller. "Consumer confidence plummets and people pull back on spending." This causes a downward economic spiral and leads to recession. (Fox News, August 24, 2005) "Perhaps we have gotten a little too confident in the global economic growth. The problem is high oil, stock and real estate prices. I believe that a substantial part is speculative bubble thinking. We have gotten too confident of the prices in these markets." (Dubai International Financial Centre (DIFC) Opening, November 18, 2007) Dr. Shiller is also the author of The New Financial Order. Dr. Alan Greenspan The balance of world oil supply and demand "has become so precarious that even small acts of sabotage or local insurrection have a significant impact on oil prices." And, he added, while the U.S. economy "has been able to absorb the huge implicit tax of rising oil prices so far� recent data indicate we may finally be experiencing some impact." (Testimony to Senate Foreign Relations Committee, June 8, 2006, as reported in The Washington Post) �The experiences of the past 50 years � and indeed much longer than that � affirms that market forces will play a key role in conserving scarce energy resources, directing those resources to their most highly valued uses. Market-driven improvements in technology and shifts in the structure of economic activity are reducing the intensity of the world�s oil use, and recent oil price increases will presumably hasten the displacement of oil-intensive production facilities.� (The Age of Turbulence, 2007) Kenneth Rogoff ��Energy independence� (is) a dangerous fallacy. In today�s globalized world, diversity of supply is a better concept.� (Speech to the UN General Assembly, October 9, 2006) �(I)f the United States does not experience a significant and protracted growth slowdown, it should either be considered very lucky or even more �special� than most optimistic theories suggest. Indeed, given the severity of most crisis indicators in the run-up to its 2007 financial crisis, the United States should consider itself quite fortunate if its downturn ends up being a relatively short and mild one.� (Paper titled Is the 2007 U.S. Sub-Prime Financial Crisis So Different? An International Historical Comparison, presented to the American Economic Association�s annual meeting, January 14, 2008) �Unfortunately, we live in an era where trend U.S. productivity growth is down and the housing bubble could be deflating for years. We are no longer in the technology boom years of the 1990s Greenspan era. No matter how much the Fed steps on the gas pedal, it is going to be hard to keep U.S. trend growth much above the two percent levels Europeans and Japanese have come to think of as normal. With baseline growth lower than it was 10 years ago, it takes less to push the economy into recession.� (Financial Times, December 18, 2007) Registration CERAWeek will be held from February 11-15, 2008 at the Westin Galleria hotel in Houston. Further information and delegate registration is available at www.ceraweek.com. The latest conference information, including agenda and speaker updates, is available at the conference website. Media may register or obtain additional information by contacting Bethany Genier, 617-866-5142, or e-mailing bgenier@cera.com. About CERA (www.cera.com) Cambridge Energy Research Associates (CERA), an IHS company (NYSE: IHS), is a leading advisor to energy companies, consumers, financial institutions, technology providers, and governments. CERA (www.cera.com) delivers strategic knowledge and independent analysis on energy markets, geopolitics, industry trends, and strategy. CERA is based in Cambridge, Massachusetts, and has offices in Beijing, Calgary, Houston, Mexico City, Moscow, Paris, Rio de Janeiro, San Francisco and Washington, D.C. About IHS (www.ihs.com) IHS (NYSE: IHS) is a leading global source of critical information and insight for customers in a broad range of industries. Our customer product and service solutions span four major areas of information: energy, product lifecycle management, environmental and security. 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