The Business Times
SUBSCRIBERS

Weak US numbers do not justify rate boost: Stiglitz

He says monetary policy isn't likely to make much difference in the US anyway, and will only raise the cost of capital in emerging markets.

Published Mon, Oct 13, 2014 · 09:50 PM

THE state of the US economy does not justify an increase in interest rates next year, with labour participation at its weakest in over 30 years, and wage growth still stagnating, said Nobel laureate in economics Joseph Stiglitz on Friday.

This comes as the professor at Columbia University, at a talk for Bank of Singapore clients, outlined the case for a long-term "Japanese-style malaise" - a period of persistent, pallid, growth in the global economy - with Europe expected to post a triple-dip recession as austerity measures fail the eurozone.

On paper, the US labou…

KEYWORDS IN THIS ARTICLE

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

New Articles

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here