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World’s top economists worry about tools to fight economic downturn

The question is whether there are enough weapons to fight the next crisis when it comes

With interest rate cuts unlikely to be sufficiently effective in another downturn because they will not start high enough, Mr Blanchard and Lawrence Summers, the former treasury secretary, advocated much more effective and planned use of fiscal policy. 

In a joint presentation, they called for governments to put in place plans for aggressive fiscal stimulus in the event of a downturn.

FT 13 October 2017

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