Richard Haass
explains what caused the Ukraine war, urges the West to scrutinize its economic dependence on China, proposes ways to reverse the dangerous deterioration of democracy in America, and more.
If the US Federal Reserve raises its policy interest rate by as much as is necessary to rein in inflation, it will most likely further depress the market value of the long-duration securities parked on many banks' balance sheets. So be it.
thinks central banks can achieve both, despite the occurrence of a liquidity crisis amid high inflation.
The half-century since the official demise of the Bretton Woods system of fixed exchange rates has shown the benefits of what replaced it. While some may feel nostalgic for the postwar monetary system, its collapse was inevitable, and what looked like failure has given rise to a remarkably resilient regime.
explains why the shift toward exchange-rate flexibility after 1973 was not a policy failure, as many believed.
华盛顿特区—美国和其他地方的一些官方圈子弥漫着对美国经济未来的悲观情绪。是时候驱散它了。
悲观者担心,过去两年新冠大流行、中国生产中断以及俄罗斯入侵乌克兰所引起的一系列供应冲击使经济增长脱轨。此外,美联储现在倾向于提高利率,直到——用美联储主席杰罗姆·鲍威尔(Jerome Powell)的话说——货币政策给“家庭和企业带来一些痛苦”,这是所谓的控制通胀的唯一途径。
但是另一种观点没有得到应有的关注。其支持者认为,美国经济已准备好实现显着持续经济扩张,因为过去三年的发展——通过运气和新的政策共识——已经消除了包容性增长的主要障碍。
To continue reading, register now.
Subscribe now for unlimited access to everything PS has to offer.
Subscribe
As a registered user, you can enjoy more PS content every month – for free.
Register
Already have an account? Log in