Centralbankernas dilemma<\/p>\n
Samma logik g\u00e4ller statsskulderna. Under l\u00e5gr\u00e4nte\u00e5ren kunde h\u00f6ga skulder hanteras med hj\u00e4lp av tillv\u00e4xt, l\u00e5g inflation och centralbankernas obligationsk\u00f6p. Nu \u00e4r kalkylen tuffare.<\/p>\n
F\u00f6rsvar, demografi, energiomst\u00e4llning och industripolitik kr\u00e4ver mer offentliga resurser. V\u00e4ljarna har vant sig vid att staten ska absorbera chocker: pandemier, elpriser, krig och realinkomstfall. Politikens spontana svar \u00e4r att lova skydd. Marknadens svar kan bli att kr\u00e4va h\u00f6gre ers\u00e4ttning.<\/p>\n
Det betyder inte att staten ska bli passiv. Riktade investeringar i energi, f\u00f6rsvar och infrastruktur \u00e4r n\u00f6dv\u00e4ndiga. Men skillnaden mellan investering och kompensation blir avg\u00f6rande. Finanspolitik som st\u00e4rker utbudssidan kan minska stagflationsrisken. Finanspolitik som skyddar alla fr\u00e5n alla kostnader riskerar att permanenta problemet. Den k\u00f6per tid, men kan ocks\u00e5 g\u00f6ra r\u00e4ntan h\u00f6gre.<\/p>\n
Centralbankernas dilemma blir d\u00e4rmed mer politiskt \u00e4n deras mandat medger. H\u00f6jer de r\u00e4ntan f\u00f6r att markera n\u00e4rvaro mot inflationen f\u00f6rv\u00e4rras en svag tillv\u00e4xtbild. S\u00e4nker de f\u00f6r att st\u00f6tta ekonomin kan hush\u00e5ll, f\u00f6retag och marknad b\u00f6rja tvivla p\u00e5 inflationsm\u00e5let. Ligger de stilla kan de anklagas f\u00f6r att g\u00f6ra f\u00f6r lite \u00e5t b\u00e5da problemen.<\/p>\n
D\u00e4rf\u00f6r blir kommunikationen n\u00e4stan lika viktig som r\u00e4nteniv\u00e5n. Centralbanken m\u00e5ste inte bara fatta r\u00e4tt beslut, utan ocks\u00e5 f\u00f6rklara vilken risk den \u00e4r mest r\u00e4dd f\u00f6r.<\/p>\n","protected":false},"excerpt":{"rendered":"Centralbankernas dilemma Samma logik g\u00e4ller statsskulderna. Under l\u00e5gr\u00e4nte\u00e5ren kunde h\u00f6ga skulder hanteras med hj\u00e4lp av tillv\u00e4xt, l\u00e5g inflation…\n","protected":false},"author":2,"featured_media":238472,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[22,23,26,27,17,21,328,14437,24,25,28,29,15,16,18,34,31,33,32,30,304,19,20],"class_list":{"0":"post-238471","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-sverige","8":"tag-breaking-news","9":"tag-breakingnews","10":"tag-featured-news","11":"tag-featurednews","12":"tag-headlines","13":"tag-huvudnyheter","14":"tag-inflation","15":"tag-konjunkturen","16":"tag-latest-news","17":"tag-latestnews","18":"tag-main-news","19":"tag-mainnews","20":"tag-news","21":"tag-nyheter","22":"tag-rubriker","23":"tag-se","24":"tag-svenska","25":"tag-sverige","26":"tag-sweden","27":"tag-swedish","28":"tag-tillvaxt","29":"tag-top-stories","30":"tag-topstories"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@se\/116527548751399625","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/posts\/238471","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/comments?post=238471"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/posts\/238471\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/media\/238472"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/media?parent=238471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/categories?post=238471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/se\/wp-json\/wp\/v2\/tags?post=238471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}