Don’t Hold Your Breath for Fiscal Stimulus

From the Federal Reserve’s Jackson Hole Conference to the IMF/World Bank Annual Meetings, the policy takeaway of this year is that coordinated monetary easing is not going to be enough when the next recession comes. Fiscal stimulus will be necessary to maintain global growth. The economics are sound, but the politics are problematic. Here’s my latest in the Financial Times on why I wouldn’t hold my breath for fiscal stimulus.

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