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The Year Ahead

The Year Ahead 2018

  1. Getty Images

    The Global Economy’s Risky Recovery

    As the advanced economies’ post-2008 recession fades into the distant past, global prospects for 2018 look a little better than in 2017. The shift from fiscal austerity to a more stimulative stance will reduce the need for extreme monetary policies, which almost surely have had adverse effects not just on financial markets but also on the real economy.

  2. Getty Images

    Central Banks’ Year of Reckoning

    • In the absence of political solutions, central banks in the decade since the 2008 financial crisis have rolled out one unconventional monetary policy after another, with various justifications and varying effectiveness.

    •  Now that the period of monetary exceptionalism seems to be coming to an end, central bankers must soberly assess their own record.
  3. Getty Images

    How Inequality Works

    • The political upheavals and populist incursions of the past few years owe much to widespread perceptions of inequality and economic injustice in advanced economies.

    • While median wages have stagnated, incomes at the top have continued to rise, and there is growing evidence to suggest that the two phenomena are connected.
  4. Getty Images

    Will Monetary Policy Trigger Another Financial Crisis?

    • Sustained unconventional monetary policies in the years after the 2008 global financial crisis created the conditions for the second-longest bull market in history.

    • But they also may have sown the seeds of the next financial crisis, which might take root as central banks continue to normalize their policies and shrink their balance sheets.

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