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    Will US Inflation Lead to Recession?

    Michael R. Strain

    While some economic indicators suggest that the recovery remains on track, others show that consumers may be stalling out, and that households and businesses are becoming increasingly pessimistic. The US Federal Reserve will have to respond more nimbly to economic softening than it did to strengthening in 2021.

    urges the Federal Reserve to keep its options open as it tries to restore price stability.
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    The IMF Is Still Behind the Times on Capital Controls

    Joseph E. Stiglitz & Jonathan D. Ostry

    Although the International Monetary Fund’s newly revised policy framework on capital controls makes some improvements on what came before, it is still likely to do more harm than good. Real-world experience and advances in economic theory have shown that the IMF’s suspicions about such policies are misplaced.

    thinks the Fund’s revised policy framework is better than the previous one, but still flawed.
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mallnow gas Patrick Pleul/picture alliance via Getty Images

Europe’s Energy Reckoning

Featured in this Big Picture
  1. Simon Johnson Simon Johnson ,
  2. Ana Palacio Ana Palacio ,
  3. Hans-Werner Sinn Hans-Werner Sinn ,
  4. Dalia Marin Dalia Marin ,
  5. Andrés Velasco Andrés Velasco ,
  6. Marcelo Tokman Marcelo Tokman ,
  7. Karsten Neuhoff Karsten Neuhoff ,
  8. Isabella M. Weber Isabella M. Weber

The ongoing war in Ukraine has prompted growing calls for European governments to halt imports of Russian hydrocarbons immediately. But, especially when it comes to natural gas, is Europe willing to bear the costs of such a dramatic shift?

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Is the US Dollar’s Global Hegemony at Risk?

Featured in this Big Question
  1. Barry Eichengreen,
  2. Şebnem Kalemli-Özcan ,
  3. Paola Subacchi,
  4. Yu Yongding

Predicting the end of the greenback’s international dominance has long been a popular, if fruitless, pastime. But, with the recent freezing of much of Russia’s foreign-exchange reserves triggering fresh speculation about alternatives to the dollar, we asked PS commentators whether this time might be different.

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The Putin Slump

Featured in this Big Picture
  1. Kenneth Rogoff,
  2. Stephen S. Roach,
  3. Mohamed A. El-Erian,
  4. Ngaire Woods,
  5. Anne O. Krueger

Fears of a global recession are mounting as the fallout from Russia’s invasion of Ukraine batters a world economy that had not fully recovered from COVID-19. In the event of a severe downturn, will rich countries concerned about boosting growth and taming inflation be inclined to help crisis-hit poorer economies?

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