This simple title says much about the most pressing economic issue facing the world today. The IMF, too, has released a substantive paper on Employment and Growth and recently the International Labour Organisation released its World of Work report with the theme of “Repairing the Social and Economic Fabric”.
This combination is particularly challenging for monetary policy, since it forces a trade-off between cushioning economic growth through lower interest rates and containing inflation risk with higher interest rates. Because the effects on the economy would likely prove to be structural, rather than cyclical, I have to believe that containing inflation risks would become paramount in an outright trade war.