While carbon pricing and industrial policies may have enabled policymakers in the United States and Europe to avoid difficult political choices, we cannot rely on these tools to achieve crucial climate goals. Climate policies must move away from focusing on green taxes and subsidies and enter the age of politics.
explains why achieving climate goals requires a broader combination of sector-specific policy instruments.
The long-standing economic consensus that interest rates would remain low indefinitely, making debt cost-free, is no longer tenable. Even if inflation declines, soaring debt levels, deglobalization, and populist pressures will keep rates higher for the next decade than they were in the decade following the 2008 financial crisis.
thinks that policymakers and economists must reassess their beliefs in light of current market realities.
发自图宾根——随着能源价格持续下跌以及去年物价上涨的基数效应逐渐显现,整个西方世界的通胀率有望下降。但即便如此,物价仍可能在可预见的未来维持在令人无法接受的高位,致使真正的价格稳定变得遥不可及。
此外工资上涨和现行地缘政治紧张局势,再叠加人口结构变化趋势和去全球化等长期结构性因素,预计将使通胀预期高于央行设定的目标,进而给西方经济体和社会带来长远性的负担。
现在是各国央行采取果断行动并改进沟通策略的时候了。政策制定者迫切需要解释当前高通胀的成因、后果以及相关解决措施。同时这种沟通绝不能局限于市场参与者,因为公民参与也同样(甚至更加)重要。毕竟民众才是央行在抗击通胀和保护自身独立性方面最重要的合作伙伴。
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