Jeremy Stein Jeremy Stein/IMF Photo/Stephen Jaffe

As escoras da última esperança

OSLO – com o regresso de Jeremy Stein ao seu posto académico em Harvard no final de Maio, o Conselho da Reserva Federal dos EUA perdeu o seu principal proponente da perspectiva de que a política monetária devia ser usada para se propender contra excessos financeiros.

A perspectiva de Stein, expressa num discurso no início desta Primavera, é a de que os bancos centrais deviam ser menos agressivos na sua busca pelo pleno emprego num ambiente de risco financeiro crescente. A sua posição é uma refutação da doutrina do antigo presidente da Fed, Alan Greenspan, de que o banco central não devia ajustar a política em resposta aos excessos do sector financeiro, mas sim, em vez disso, concentrar-se em reagir a quaisquer problemas que surjam posteriormente.

A questão é se a nova perspectiva de Stein se justifica. Em princípio, a resposta é simples. Se um banco central tiver duas metas políticas, então irá precisar de dois instrumentos: a política monetária para influenciar a procura agregada e a política reguladora para limitar os riscos financeiros.

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