balloons Tolga Akmen/ZumaPress

Inflace, Fed a vnímání souvislostí

CAMBRIDGE – Tématem letošní mezinárodní konference centrálních bankéřů a akademiků v Jackson Hole v americkém státě Wyoming byla inflace – její příčiny a spojitost s měnovou politikou a finančními krizemi. Avšak třebaže touha tvůrců politik připravit se na budoucí rizika ohrožující cenovou stabilitu je pochopitelná, nezasadili tyto obavy do kontextu nedávného dění na globální úrovni – ani do historické perspektivy.

Ve 189 zemích, pro něž jsou k dispozici data, se mediánní inflace v roce 2015 pohybuje těsně pod 2 %, o něco níž než v roce 2014 a ve většině případů pod hladinou odhadů, jež Mezinárodní měnový fond zveřejnil ve svých dubnových Světových ekonomických vyhlídkách. Jak je vidět níže v grafu, v téměř polovině zemí (vyspělých i rozvojových, velkých i malých) teď inflace dosahuje nanejvýš 2 % (což je podle většiny centrálních bankéřů definice cenové stability).

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