La fama dei banchieri centrali

CAMBRIDGE – Perchè i commenti dei banchieri centrali delle principali economie hanno oggi un’attenzione smisurata? Non cambiano in continuazione i tassi di interesse e non hanno neppure sviluppato dei modelli nuovi e più solidi per l’analisi dell’economia. Al contrario, la crescita delle principali banche centrali e le previsioni dell’inflazione negli anni successivi alla crisi finanziaria hanno prodotto delle sovrastime importanti, con ampi margini, sia sulla crescita che sull’inflazione.

Ci sono diverse buone ragioni per l’attenzione dedicata agli esperti della politica monetaria, tra cui l’aumento dell’indipendenza delle banche centrali, l’accettazione pubblica della necessità di nominare dei tecnocrati competenti per il monitoraggio della massa monetaria ed il maggiore spessore dei mercati finanziari. Molti banchieri centrali sono stati poi giustamente elogiati per il ruolo svolto nel prevenire un crollo globale durante la crisi finanziaria. 

Ciò nonostante, viste le numerose incertezze legate alle previsioni macroeconomiche e gli effetti degli strumenti politici (non ultimo il quantitative easing), diversi accademici trovano preoccupante che i discorsi e le dichiarazioni dei banchieri centrali continuino a suscitare così tanto clamore. E nonostante il loro eroismo durante la cirsi finanziaria, diversi banchieri centrali sono poi stati sin troppo inflessibili nel periodo successivo alla crisi, e si sono preoccupati troppo del superamento dei target d’inflazione e troppo poco delle dinamiche deflazionistiche. Inoltre, i banchieri centrali sono comunque in parte responsabili della crisi soprattutto a causa di politiche normative troppo lassiste.

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.


Log in;
  1. Patrick Kovarik/Getty Images

    The Summit of Climate Hopes

    Presidents, prime ministers, and policymakers gather in Paris today for the One Planet Summit. But with no senior US representative attending, is the 2015 Paris climate agreement still viable?

  2. Trump greets his supporters The Washington Post/Getty Images

    Populist Plutocracy and the Future of America

    • In the first year of his presidency, Donald Trump has consistently sold out the blue-collar, socially conservative whites who brought him to power, while pursuing policies to enrich his fellow plutocrats. 

    • Sooner or later, Trump's core supporters will wake up to this fact, so it is worth asking how far he might go to keep them on his side.
  3. Agents are bidding on at the auction of Leonardo da Vinci's 'Salvator Mundi' Eduardo Munoz Alvarez/Getty Images

    The Man Who Didn’t Save the World

    A Saudi prince has been revealed to be the buyer of Leonardo da Vinci's "Salvator Mundi," for which he spent $450.3 million. Had he given the money to the poor, as the subject of the painting instructed another rich man, he could have restored eyesight to nine million people, or enabled 13 million families to grow 50% more food.

  4.  An inside view of the 'AknRobotics' Anadolu Agency/Getty Images

    Two Myths About Automation

    While many people believe that technological progress and job destruction are accelerating dramatically, there is no evidence of either trend. In reality, total factor productivity, the best summary measure of the pace of technical change, has been stagnating since 2005 in the US and across the advanced-country world.

  5. A student shows a combo pictures of three dictators, Austrian born Hitler, Castro and Stalin with Viktor Orban Attila Kisbenedek/Getty Images

    The Hungarian Government’s Failed Campaign of Lies

    The Hungarian government has released the results of its "national consultation" on what it calls the "Soros Plan" to flood the country with Muslim migrants and refugees. But no such plan exists, only a taxpayer-funded propaganda campaign to help a corrupt administration deflect attention from its failure to fulfill Hungarians’ aspirations.

  6. Project Syndicate

    DEBATE: Should the Eurozone Impose Fiscal Union?

    French President Emmanuel Macron wants European leaders to appoint a eurozone finance minister as a way to ensure the single currency's long-term viability. But would it work, and, more fundamentally, is it necessary?

  7. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now