La Fed versus la estabilidad de precios

SAN FRANCISCO – Hay una gran diferencia entre el mandato de la Reserva Federal sobre mantener la “estabilidad de precios” –  de conformidad a lo enunciado en la Ley de la Reserva Federal – y el objetivo auto-seleccionado de la Fed de tener una inflación anual del 2%. Entonces, ¿cómo es que los formuladores de políticas consiguieron sustituir el primero por este último?

El término “estabilidad de precios” se explica por sí solo: un conjunto de bienes costará lo mismo diez, cincuenta o incluso cien años a partir de ahora. Por el contrario, si un país experimenta un 2% la inflación durante un período de 10 años, los mismos artículos que se pueden comprar hoy con $100 costarán $122 en una década. Después de 100 años, su precio alcanzará la friolera de $724.

En su reciente declaración ante el Congreso, la presidenta de la Fed, Janet Yellen, se refirió varias veces al mandato de mantener la “estabilidad de precios”; sin embargo, mencionó con doble frecuencia el objetivo de la Fed sobre una inflación del 2%. Ella dijo que “la inflación de Estados Unidos continúa ubicándose por debajo del objetivo del 2% de la Comisión”, y también que el “actual alto grado de adaptación de las políticas sigue siendo adecuado para fomentar  mejoras en las condiciones del mercado laboral y para promover un retorno de la inflación con dirección al 2% en el mediano plazo”.

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