US Dollar.

La distracción del dólar de la Fed

CAMBRIDGE – En su declaración de políticas de septiembre, la Reserva Federal estadounidense tomó en consideración –de manera importante– el impacto de los eventos económicos mundiales sobre los Estados Unidos y, por lo tanto, sobre la política monetaria de ese país. De hecho, la decisión de la Fed para demorar la suba de las tasas de interés se debió en parte a que los responsables de las políticas estadounidenses prevén que la apreciación del dólar, al reducir los precios de las importaciones, le restará capacidad para alcanzar la meta de inflación del 2 %.

En realidad, aunque las fluctuaciones cambiarias pueden tener un impacto significativo sobre la inflación en otros países, las variaciones del dólar rara vez han incidido significativa o duraderamente sobre los precios en EE. UU. La diferencia, por supuesto, reside en el papel dominante del dólar estadounidense en la facturación del comercio internacional: los precios se fijan en dólares.

Así como el dólar suele ser la unidad de cuenta en los contratos de deuda, incluso cuando ni el prestatario ni el prestamista son entidades estadounidenses, la participación del dólar en la facturación del comercio internacional es aproximadamente de 4,5 veces la participación de EE. UU. en las importaciones mundiales y el triple de su participación en las exportaciones mundiales. El precio de aproximadamente el 93 % de las importaciones de EE. UU. se fija en dólares.

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