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.
发自纽约—欧盟委员会主席乌尔苏拉·冯德莱恩(Ursula von der Leyen)宣称欧洲需要花费大约1万亿欧元(折合1.1万亿美元)来对抗新型冠状病毒大流行,同时这笔钱可以用来建立一项欧洲复苏基金。但问题钱要从哪里来呢?
我建议欧盟通过出售不必偿还本金(但发行人可以酌情回购或赎回)的“永久债券”来为基金筹集资金。而针对该事务进行授权应当成为将于4月23日召开的欧洲理事会峰会的首要任务。
而虽然欧盟发行永久债券——尤其是数额如此庞大的债券——堪称有史以来头一回,但其实这对其他政府来说已经不新鲜了。其中最著名的例子要属英国,该国曾发行统一公债(Consols)去资助拿破仑战争,也曾于第一次世界大战期间发行战争债券。这些债券一直都可以在伦敦交易,直到2015年才双双被赎回。在1870年代,美国国会授权美国财政部发行统一公债来合并那些先前发行的债券,并在随后几年中继续发行这一公债。
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