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  1. op_smart4_Thomas Peter-PoolGetty Images_trump xi Thomas Peter/Pool/Getty Images

    Biden’s China Challenge

    Christopher Smart

    With patience wearing thin in both the United States and China, the prospects for improvement in the bilateral relationship seem to be diminishing by the day. But only by understanding the forces that brought the two powers to this point can we begin to anticipate what might come next.

    reviews four recent books examining the past and present of Sino-American relations.
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  2. bp_inflation_20th Century FoxArchive PhotosGetty Images_young frankenstein it's alive 20th Century Fox/Archive Photos/Getty Images

    Is Inflation Alive?

    Featured in this Big Picture
    1. Axel A. Weber Axel A. Weber ,
    2. Kenneth Rogoff Kenneth Rogoff ,
    3. Robert J. Barro Robert J. Barro ,
    4. J. Bradford DeLong J. Bradford DeLong ,
    5. Claudia Sahm Claudia Sahm ,
    6. Elmira Bayrasli Elmira Bayrasli ,
    7. Harold James Harold James ,
    8. Markus Brunnermeier Markus Brunnermeier ,
    9. Jean-Pierre Landau Jean-Pierre Landau

    Huge fiscal and monetary stimulus programs have sparked a growing debate about whether advanced economies may sooner or later experience the sort of rapid price growth last seen a generation ago. While stimulus advocates point to current weak demand and the public’s deeply ingrained low-inflation expectations, anxious hawks fear that a new and dangerous global inflationary consensus may be taking hold.

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op_smart4_Thomas Peter-PoolGetty Images_trump xi Thomas Peter/Pool/Getty Images

Biden’s China Challenge

Christopher Smart

With patience wearing thin in both the United States and China, the prospects for improvement in the bilateral relationship seem to be diminishing by the day. But only by understanding the forces that brought the two powers to this point can we begin to anticipate what might comes next.

reviews four recent books examining the past and present of Sino-American relations.
1
bp_inflation_20th Century FoxArchive PhotosGetty Images_young frankenstein it's alive 20th Century Fox/Archive Photos/Getty Images

Is Inflation Alive?

Featured in this Big Picture
  1. Axel A. Weber Axel A. Weber ,
  2. Kenneth Rogoff Kenneth Rogoff ,
  3. Robert J. Barro Robert J. Barro ,
  4. J. Bradford DeLong J. Bradford DeLong ,
  5. Claudia Sahm Claudia Sahm ,
  6. Elmira Bayrasli Elmira Bayrasli ,
  7. Harold James Harold James ,
  8. Markus Brunnermeier Markus Brunnermeier ,
  9. Jean-Pierre Landau Jean-Pierre Landau

Huge fiscal and monetary stimulus programs have sparked a growing debate about whether advanced economies may sooner or later experience the sort of rapid price growth last seen a generation ago. While stimulus advocates point to current weak demand and the public’s deeply ingrained low-inflation expectations, anxious hawks fear that a new and dangerous global inflationary consensus may be taking hold.

0
Dollar printer Getty Images

America’s Stimulus Debate

Featured in this Big Picture
  1. Joseph E. Stiglitz,
  2. James K. Galbraith,
  3. Daron Acemoglu,
  4. Koichi Hamada,
  5. Shang-Jin Wei,
  6. George P. Shultz,
  7. John F. Cogan,
  8. John B. Taylor,
  9. Robert Skidelsky

Many would regard the middle of a pandemic-induced economic crisis as the wrong time to sound the alarm about the potential dangers of profligate government spending. But as US President Joe Biden’s proposed $1.9 trillion economic rescue plan works its way through Congress, it is not only Republicans who are asking whether providing too much fiscal stimulus could be just as risky as delivering too little.

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Russia arrest Mihail Siergiejevicz/SOPA Images/LightRocket via Getty Images

How Secure is Putin?

Featured in this Big Picture
  1. Alexei Navalny,
  2. Tikhon Dzyadko,
  3. Sławomir Sierakowski,
  4. Andrei Kolesnikov,
  5. Sergei Guriev,
  6. Nina L. Khrushcheva,
  7. Ana Palacio,
  8. Mark Leonard

Although the arrest and hasty imprisonment of opposition leader Alexei Navalny triggered Russia’s biggest wave of protests in years, President Vladimir Putin’s regime appears to be in little danger for now. But a stagnant economy, mounting anger at high-level corruption, and restless political elites could sooner or later threaten Putin’s seemingly well-entrenched regime.

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As the COVID-19 crisis escalates, PS commentators assess its implications for the economy, propose policy responses, and consider what might – and sho…