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  1. krueger34_Jessica RinaldiThe Boston Globe via Getty Images_covid vaccine Jessica Rinaldi/The Boston Globe via Getty Images

    Can Poor Countries Avoid a Vaccine Bidding War?

    Anne O. Krueger

    For all of the good news about the arrival of safe and effective COVID-19 vaccines, the hard truth for the coming year is that global demand will outpace supply. Without a multilateral agreement to allocate doses globally, the road to recovery will be much longer than it otherwise could have been. 

    calls for a multilateral agreement to coordinate allocation of doses in the developing world.
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America’s Looming Fiscal Battle

Featured in this Big Picture
  1. Michael J. Boskin Michael J. Boskin ,
  2. Todd G. Buchholz Todd G. Buchholz ,
  3. Lenny Mendonca Lenny Mendonca ,
  4. Dani Rodrik Dani Rodrik ,
  5. Joseph E. Stiglitz Joseph E. Stiglitz ,
  6. John  B. Taylor John B. Taylor ,
  7. Laura Tyson Laura Tyson

Few would dispute that US President-elect Joe Biden’s administration will face a daunting task in 2021 as it tries to engineer a sustainable post-pandemic recovery. And, as the months-long failure to enact a second COVID-19 relief package showed, a major factor underlying the challenge is the depth of disagreement about how much the federal government should spend and how. 

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The Sovereign-Debt Crunch

Featured in this Big Picture
  1. Daron Acemoglu,
  2. Shamshad Akhtar,
  3. Willem H. Buiter,
  4. Kevin P. Gallagher,
  5. Hamid Rashid,
  6. Anne Sibert,
  7. Joseph E. Stiglitz,
  8. Paola Subacchi,
  9. Ulrich Volz

The steep economic downturn caused by the COVID-19 pandemic will likely trigger a wave of defaults among highly indebted developing and emerging-market countries. An orderly international sovereign debt restructuring mechanism is arguably needed now more than ever – but will private creditors sign up?

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Destination Net-Zero

Featured in this Big Picture
  1. Erik Berglöf,
  2. Daniel Gros,
  3. Connie Hedegaard,
  4. Jeffrey D. Sachs,
  5. Kevin Tu,
  6. Laurence Tubiana

China and the European Union will need to undergo massive and urgent economic transitions in order to fulfill their recent pledges to become carbon neutral within the next few decades. But peer pressure and policy convergence could yet make these ambitions achievable – especially if the United States rejoins the global fight against climate change.

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The African Century

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Press Released

Today’s media landscape is littered with landmines: open hostility by US President Donald Trump, mounting censorship in countries such as Hungary, Turkey, a… read more

covid_19_GettyImages_1209209421 Chung Sung-Jun/Getty Images

The COVID-19 Crisis

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