摘要
When the COVID-19 pandemic has severely hurt the global labor supply,the Russia-Ukraine conflict has rapidly reduced the supply of cheap energy for Europe,and the average growth rate of total factor productivity(TFP)has declined.As a result,the global macro environment of"low inflation,low interest rate,and low volatility",lasting for the past decades,has rapidly switch to a new one featured with"high inflation,high interest rate,and high volatility".
