fiscal policy
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Relevance beyond the crisis: Fiscal policy’s moment
The Covid-induced economic crisis has led policymakers to put in place large fiscal rescue packages including new spending, tax cuts and subsidies. Governments will now be tempted to spend more to boost the recovery. Soon, however, countries will have to pay for the debts they have rung up. Those that favor tax increases could be in for a drawn-out slowdown. The ones that cut spending will more quickly achieve a sustainable economic recovery.
Zombies and stagflation: Mario Draghi’s crisis prescription
In late March, Mario Draghi broke his post-ECB silence with an article in the Financial Times that set out several recipes for how to address the economic difficulties brought on by measures to contain the COVID-19 pandemic. Essentially calling for a “whatever it takes” part two, he urged central banks ...
The German constitutional court’s courageous ruling was necessary
Germany’s Federal Constitutional Court in Karlsruhe made history on May 5, 2020. The justices found that the European Central Bank could have acted outside its remit by purchasing government debt. Accordingly, the court suspended the Bundesbank’s participation in the ECB’s program.
Relevance beyond the crisis: Scenarios for India’s economy
Before coronavirus hit, New Delhi had an ambitious budget plan for the 2020-2021 fiscal year. Today, India’s government has a third of the economy under lockdown and strives to preserve the country’s development momentum. Some powerful factors are working in India’s favor, but others could drag it down.
Relevance beyond the crisis: The future of macroeconomic policy
While the scale of the coronavirus emergency requires government intervention, it is worth asking what the consequences of those rescue measures will be in the long term, especially considering the preexisting weaknesses of the economy. Unless the magnitude of the crisis raises awareness of governments’ failings, some European countries’ bloated ...
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