CAMBRIDGE – Hablar de ampquot;estrategias de escapeampquot; será uno de los principales temas de la agenda cuando los líderes de los países del G-20 se reúnan en Pittsburgh dentro de unos días. Prometerán revertir la explosiva expansión monetaria y fiscal de los dos últimos años, hacerlo ni demasiado pronto ni demasiado tarde, y de una manera coordinada.
Estas son las cosas que hay que prometer. ¿Pero qué implicarán esas promesas?
Consideremos primero el objetivo de revertir la expansión monetaria, lo cual es necesario para evitar un alza de la inflación cuando la demanda agregada comience a remontar. Pero también es importante no hacerlo demasiado pronto, ya que podría ahogar la naciente, y muy frágil, recuperación actual.
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