balloons Tolga Akmen/ZumaPress

التضخم، وبنك الاحتياطي الفيدرالي، والصورة الكاملة

كمبريدج ــ كان التضخم ــ أسبابه وارتباطه بالسياسة النقدية والأزمات المالية ــ الموضوع الأساسي للمؤتمر الدولي للبنوك المركزية والأكاديميين في جاكسون هول بولاية وايومنج هذا العام. ولكن برغم أن رغبة صناع السياسات في الاستعداد للمخاطر المحتملة التي قد تهدد استقرار الأسعار في المستقبل غير مرغوبة، فإنهم لم يضعوا هذه المخاوف في سياق تطورات التضخم الأخيرة على المستوى العالمي ــ أو في إطار المنظور التاريخي.

بالنسبة للبلدان المائة والتسعة والثمانين التي تتوفر البيانات الخاصة بها، كان متوسط التضخم في عام 2015 أقل من 2%، وهذا أقل قليلاً من مستواه في عام 2014، وفي أغلب الحالات، أقل من توقعات صندوق النقد الدولي في تقرير آفاق الاقتصاد العالمي الذي نشره في إبريل/نيسان. وكما تُظهِر الأرقام في الرسم البياني التالي فإن التضخم في ما يقرب من نصف بلدان العالم (المتقدمة والناشئة، والكبيرة والصغيرة) أصبح الآن عند مستوى 2% أو أدنى (وهذه هي الكيفية التي تُعَرِّف بها البنوك المركزية استقرار الأسعار).

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