CAMBRIDGE – Až se za několik dní v Pittsburghu sejdou hlavy dvaceti zemí skupiny G20, přední místo na programu obsadí debata o „strategiích odklonu“. Přislíbí, že zvrátí výbušnou měnovou a fiskální expanzi posledních dvou let, že tak neučiní ani příliš brzy, ani příliš pozdě a že budou postupovat koordinovaně.
Jde o věci, které je pěkné slíbit. Co ale takové sliby budou znamenat?
Pohlédněme nejprve na cíl zvrátit měnovou expanzi, což je nezbytné, aby se předešlo náporu inflace, až se začne zvedat agregátní poptávka. Je ale také důležité tento krok neprovést příliš brzy, což by zase mohlo zadusit dnešní vznikající a velice křehké oživení.
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The Year Ahead 2018
The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.