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Inflation Remedies

Featured in this Big Picture
  1. John H. CochraneJohn H. Cochrane,
  2. Jürgen StarkJürgen Stark,
  3. Thomas MayerThomas Mayer,
  4. Gunther SchnablGunther Schnabl,
  5. Melvyn B. KraussMelvyn B. Krauss,
  6. Jayati GhoshJayati Ghosh,
  7. Dani RodrikDani Rodrik,
  8. Jason FurmanJason Furman

With the rate of price increases in the United States and the eurozone currently at multi-decade highs, many argue that central bankers have been asleep at the switch. But is rapid monetary-policy tightening necessarily the most appropriate response to the current inflationary surge, and how can economists better anticipate the next one?

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  1. russia trucks Russian Defense Ministry Press Office/Handout/Anadolu Agency via Getty Images

    Why Kazakhstan Matters

    Featured in this Big Picture
    1. Djoomart Otorbaev,
    2. Nargis Kassenova,
    3. Sławomir Sierakowski,
    4. Nina L. Khrushcheva

    Following several days of violent nationwide protests, the Kazakh authorities, with the help of Russian-led forces, appear to have restored order. For the United States and China, the episode has highlighted the strategic importance of this resource-rich Central Asian country, as well as the scope of Russian President Vladimir Putin’s imperial ambitions.

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  2. Capitol smoke Probal Rashid/LightRocket via Getty Images

    America, One Year On

    Featured in this Big Picture
    1. Michael Lind,
    2. J. Bradford DeLong,
    3. Elizabeth Drew,
    4. Jan-Werner Mueller,
    5. Cynthia Miller-Idriss,
    6. Elmira Bayrasli,
    7. James K. Galbraith,
    8. Harold James

    Twelve months after an insurrectionist right-wing mob incited by then-President Donald Trump stormed and occupied the US Capitol, many Americans fear that deepening polarization could result in a sequel, or worse. In the absence of agreement on basic facts and rules of political engagement, can further violence and threats to democracy be prevented?

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  3. earth space Planet Observer/Universal Images Group via Getty Images

    Happy New Year?

    Featured in this Big Picture
    1. Bill Emmott,
    2. Ngaire Woods,
    3. Jim O'Neill,
    4. Nouriel Roubini,
    5. Elif Shafak

    The world will enter 2022 still grappling with the COVID-19 pandemic, climate change, geopolitical tensions, and economic uncertainty. Developing effective policy responses to these challenges is essential to passing the biggest global test of all: rekindling a sense of public trust and optimism.

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  4. Ukraine soldier Anatolii Stepanov/AFP via Getty Images

    Ukraine on the Edge

    Featured in this Big Picture
    1. Jeffrey D. Sachs,
    2. Carl Bildt,
    3. Anders Åslund,
    4. Richard Haass,
    5. Charles A. Kupchan,
    6. Jeffrey Frankel

    As 2021 draws to a close, Russia’s massing of troops along its border with Ukraine has prompted fears of an imminent invasion. Although a diplomatic resolution of the crisis is still possible, the path to achieving one is narrow – and many worry that time might be running out.

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  5. argentina auto Florencia Martin/picture alliance via Getty Images

    Double Trouble for Workers

    Featured in this Big Picture
    1. Betsey Stevenson,
    2. Elmira Bayrasli,
    3. Robert Skidelsky,
    4. Daron Acemoglu,
    5. Brigitte Granville,
    6. Dani Rodrik,
    7. J. Bradford DeLong

    The COVID-19 pandemic and ongoing technological disruption have resulted in economies that are ill-equipped to create good, secure jobs, with many workers rejecting the low-paid, unsafe service-sector positions on offer. In the face of these twin challenges, how can workers get a better deal – and how should policymakers help?

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  6. ballot box Jenny On The Moon/Getty Images

    Democracy Now?

    Featured in this Big Picture
    1. Michelle Bachelet,
    2. Darren Walker,
    3. Mark Malloch-Brown,
    4. Federico Fubini,
    5. Javier Solana,
    6. Francesca Binda,
    7. Elmira Bayrasli,
    8. Jan-Werner Mueller,
    9. Carisa Nietsche,
    10. Jeff Cirillo

    US President Joe Biden’s virtual Summit for Democracy is taking place amid persistent authoritarian and populist challenges worldwide, digitally turbocharged misinformation, and lingering concerns about the United States itself. Will the gathering prove to be more than just a talking shop, and do today’s democracies have the strength and vision to reinvigorate themselves and their political model?

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  7. omicron tube Maxym Marusenko/NurPhoto via Getty Images

    The Virus Strikes Back

    Featured in this Big Picture
    1. Simon Johnson,
    2. Noam Titelman,
    3. Kristen Ghodsee,
    4. Mitchell A. Orenstein,
    5. Seth Berkley,
    6. Gordon Brown,
    7. Jennifer Nuzzo,
    8. Elmira Bayrasli

    As the COVID-19 pandemic approaches its second anniversary, the emergence of the Omicron variant has prompted many to ask whether there will ever be a light at the end of the tunnel. And, given seemingly entrenched nationalism and vaccine misinformation, will the world cope any better with the next global health crisis?

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  8. coal solar Paul Hennessy/SOPA Images/LightRocket via Getty Images

    Burning Energy

    Featured in this Big Picture
    1. Jeffrey Frankel,
    2. Daniel Gros,
    3. Jules Kortenhorst,
    4. Jayati Ghosh,
    5. Jim O'Neill

    The recent surge in oil, gas, and electricity prices is forcing governments to confront a policy and political challenge that is further complicating the green transition. Advocates of a rapid shift to renewables need to face an uncomfortable fact: when demand spikes, the world needs all the energy it can get.

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  9. biden xi summit Mandel Ngan/AFP via Getty Images

    Broken Engagement

    Featured in this Big Picture
    1. Daniel Russel,
    2. Joseph S. Nye, Jr.,
    3. Anne O. Krueger,
    4. Zhang Jun,
    5. Dani Rodrik

    Optimists hope that the recent virtual summit between US President Joe Biden and Chinese President Xi Jinping has arrested the alarming slide in Sino-American relations, at least for now. But even if the superpowers’ rivalry stops short of conflict, is substantive cooperation on pressing global challenges possible?

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  10. Powell worry Kevin Dietsch/Getty Images

    Off with the Fed’s Head?

    Featured in this Big Picture
    1. J. Bradford DeLong,
    2. Simon Johnson,
    3. John B. Taylor,
    4. Joseph E. Stiglitz,
    5. Willem H. Buiter

    US President Joe Biden must soon decide whether to reappoint Federal Reserve Chair Jerome Powell to another four-year term. With inflation at a 30-year high, the debate over Biden’s choice is understandably focusing on the Fed’s policy priorities as well as its leadership.

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  11. climate betrayal Peter Summers/Getty Images

    The Great COP-Out?

    Featured in this Big Picture
    1. Kenneth Rogoff,
    2. Jean Pisani-Ferry,
    3. Mark Leonard,
    4. Maureen Santos,
    5. Linda Schneider,
    6. Kaushik Basu

    Many are calling for a major rethink about how to tackle the climate crisis, but doubt whether the world has the time or the inclination. With the crucial United Nations Climate Change Conference (COP26) in Glasgow now well underway, governments have only one week left to prove the skeptics wrong.

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  12. glasgow bridge Jeff J. Mitchell/Getty Images

    The Green Lights of Glasgow

    Featured in this Big Picture
    1. Patricia Espinosa,
    2. Laurence Tubiana,
    3. Connie Hedegaard,
    4. John Kampfner,
    5. V. Shankar

    The upcoming United Nations Climate Change Conference (COP26) is a crucial credibility test for global governance, but expectations for progress are low. Will world leaders nevertheless rise to the occasion and adopt the ambitious measures needed to avert disaster, or will political short-termism and great-power rivalry condemn the gathering to failure?

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  1. roubini160_Spencer PlattGetty Images_stock market Spencer PlattGetty Images

    Inflation Will Hurt Both Stocks and Bonds

    Nouriel Roubini

    The longstanding negative correlation between stock and bond prices is an artifact of the low-inflation environment of the past 30 years. If inflation and inflation expectations continue to rise, investors will have to rethink their portfolio strategies to hedge against the risk of massive future losses.

    shows why the hedging strategies of the past three decades may no longer make much sense.
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