Confronting the Fiscal Bogeyman
With interest rates in negative territory in many parts of the world, it is clear that using monetary policy to stimulate the economy is approaching its limits. If the global economy is to be put back on its feet, it is time for policymakers in Europe and elsewhere to ramp up public spending.
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BERKELEY – The world economy is visibly sinking, and the policymakers who are supposed to be its stewards are tying themselves in knots. Or so suggest the results of the G-20 summit held in Shanghai at the end of last month.