Fed versus Preisstabilität

SAN FRANCISCO – Zwischen dem Mandat der US-Notenbank, laut Notenbankgesetz für "stabile Preise" zu sorgen, und dem von der Fed selbst gewählten Ziel einer Inflationsrate von zwei Prozent besteht ein riesiger Unterschied. Wie ist also Erstes durch Zweites ersetzt worden?

Der Begriff "stabile Preise" ist selbsterklärend: Eine Ware kostet dasselbe in zehn, 50 oder sogar 100 Jahren. Bei einer Inflation von zwei Prozent über einen Zeitraum von zehn Jahren dagegen, kostet, was heute den Preis von 100 US-Dollar hat, am Ende 122 US-Dollar. Nach 100 Jahren ist aus den 100 US-Dollar die stolze Summe von 724 US-Dollar geworden.

In ihrer jüngsten Intervention vor dem Kongress bezog sich Notenbank-Chefin Janet Yellen mehrere Male auf das Mandat der "stabilen Preise", aber sie erwähnte das Inflationsziel von zwei Prozent doppelt so oft. "Das Inflationsniveau in den USA befindet sich weiterhin unterhalb des Zwei-Prozent-Ziels des Ausschusses", sagte sie und das aktuelle "hohe Maß an Lenkung durch geldpolitische Maßnahmen ist nach wie vor angemessen, um weitere Verbesserungen der Bedingungen auf dem Arbeitsmarkt zu erzielen und um mittelfristig eine Rückkehr zu einer Inflationsrate von zwei Prozent zu ermöglichen."

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