housing Ian Waldie/Getty Images

Un nuevo mandato riesgoso para la Fed

LONDRES – «En este mundo solo existen dos tragedias», escribió alguna vez Oscar Wilde. «Una es no obtener lo que uno quiere; la otra... obtenerlo». A medida que la Reserva Federal de EE. UU. se acerca lentamente a sus metas para la economía interna, enfrenta una creciente presión para normalizar la política monetaria. Pero la economía interna ya no es el único factor a tener en cuenta para establecer las políticas. Por el contrario, la autoridad monetaria estadounidense prácticamente ha reconocido un nuevo mandato: promover la estabilidad financiera mundial.

El Congreso estadounidense creó la Fed en 1913 como una agencia independiente alejada de la política partidaria, cuyo cometido es garantizar la estabilidad de los precios internos y maximizar el empleo nacional. Su papel se expandió con el tiempo y la Fed, junto con muchas de sus contrapartes en los países desarrollados, se ha involucrado en políticas monetarias cada vez menos convencionales —expansión cuantitativa, expansión del crédito, orientación prospectiva, etc.— desde la crisis financiera mundial de 2008.

Actualmente, lo no convencional se ha convertido en convencional. Una generación de actores en los mercados mundiales solo conoce un mundo de bajas (o incluso negativas) tasas de interés y precios de activos artificialmente inflados.

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