Fed versus stabilita cen

SAN FRANCISCO – Je velký rozdíl mezi mandátem americké centrální banky k udržování „stabilních cen“ – vysloveným v zákoně o Federálním rezervním systému – a cílem 2% roční inflace, jejž si stanovil sám Fed. Čím to, že se tvůrcům politik podařilo prvně zmíněné nahradit tím druhým?

Pojem „stabilní ceny“ se sám vysvětluje: určitá škála zboží bude za pět, padesát, či dokonce sto let stát tolik co dnes. Naproti tomu, jestliže země po dobu deseti let zažívá 2% inflaci, položky, které dnes koupíte za sto dolarů, budou na konci dekády stát 122 dolarů. Po sto letech se cena vyšplhá na drtivých 724 dolarů.

Předsedkyně Fedu Janet Yellenová se ve své nedávné kongresové výpovědi několikrát odvolala na mandát k udržování „stabilních cen,“ avšak cíl 2% inflace zmínila ještě dvakrát častěji. „Americká inflace nadále ubíhá pod 2% cílem výboru,“ uvedla a dodala, že současný „vysoký stupeň vstřícnosti naší politiky zůstává vhodný jako příspěvek k dalšímu zlepšení podmínek na trhu práce a podpora návratu inflace ke 2 % ve střednědobém výhledu“.

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