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  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. WeberAxel A. Weber,
    2. Kenneth RogoffKenneth Rogoff,
    3. Robert J. BarroRobert J. Barro,
    4. Claudia SahmClaudia Sahm,
    5. Elmira BayrasliElmira Bayrasli,
    6. Harold JamesHarold James,
    7. Markus BrunnermeierMarkus Brunnermeier,
    8. Jean-Pierre LandauJean-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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  2. aouattara1_ISSOUF SANOGOAFP via Getty Images_Ivory coast election Issouf Sanogo/AFP via Getty Images

    A Test for Ivory Coast’s Democracy

    Alassane Ouattara

    Public trust in politicians – essential to individual freedom and collective development – depends on free, fair, and transparent elections. Fortunately, the Ivorian government has worked hard to ensure that the parliamentary election on March 6 is a democratic success. 

    is confident that the upcoming parliamentary election will reinforce his country's recent progress.
    1
  3. hausmann93_YURI CORTEZAFP via Getty Images_maduro venezuela Yuri Cortez/AFP via Getty Images

    What Should Biden Do About Venezuela?

    Ricardo Hausmann & José Ramon Morales-Arilla

    Former US President Donald Trump's policy of maximum pressure on the Venezuelan dictatorship failed to dislodge the regime or alleviate the humanitarian crisis. If Joe Biden is to succeed, he will need a policy that makes life as burdensome as possible for the elite and as bearable and democratic as possible for ordinary Venezuelans. 

    warn that negotiations without sanctions, as some advocate, is a strategy that leads nowhere.
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  4. gswood1_FotosearchGetty Images_white house jackson Fotosearch/Getty Images

    The Second Jacksonian Age

    Gordon S. Wood

    The Jacksonian era in antebellum America was, like our own age, a time of extreme democratization and rampant anti-elitism. Now, too, the democratization of knowledge and truth can produce an odd mixture of credulity and skepticism among many ordinary Americans. 

    highlights the striking similarities between the current political era and an earlier “epoch of the hoax.”
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  5. jjoffe6_BERTRAND GUAYAFP via Getty Images_sarkozy jail Bertrand Guay/AFP via Getty Images

    Sarkozy’s Conviction Is a Win for the Rule of Law

    Josef Joffe

    From France to America, democratic countries are affirming the fundamental principle of government by law, not by men (and women). That is the message of our time that should reassure the Cassandras who believe that despotism is on a roll. 

    sees in the former French president's sentencing the reaffirmation of a principle going back to Magna Carta.
    3
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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. Claudia Sahm Claudia Sahm ,
  5. Elmira Bayrasli Elmira Bayrasli ,
  6. Harold James Harold James ,
  7. Markus Brunnermeier Markus Brunnermeier ,
  8. 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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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…