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For four decades, governments have feared inflation and 1970s-style stagnation.

With plans for public borrowing and spending on a scale not seen since the second world war, the administration is undertaking a huge fiscal experiment. 

If the strategy fails, ending in overheating, high inflation, financial instability and the economics of the 1970s, the US experiment of 2021 will go down as one of the biggest own goals of economic policymaking since François Mitterrand’s failed reflation in France in 1981.

The whole world is watching.

FT 16 February 2021


Skapar centralbankerna stagflation? Experter tvekar.

The future of fiscal policy without traditional constraints

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