Борьба Федеральной Резервной Системы (ФРС)

Кембридж – Федеральная резервная система США борется с членами Конгресса по предложенному закону, об подотчётности Федеральной Резервной Системы(ФРС) и Транспарентности Закона, который потребовал бы ФРС использовать официальное правило для ведения кредитно-денежной политики. ФРС опасается, что закон будет ограничивать ее независимость, в то время как сторонники законопроекта утверждают, что он обеспечит более предсказуемый рост при низкой инфляции. Кто же прав?

Для того чтобы понять конфликт, будет полезно сравнить независимость ФРС с Банком Англии и Европейским Центральным Банком.

В Великобритании Банк Англии имеет “инструмент независимости”, но не “целевой независимости.” Глава казначейства ставит перед собой задачу по уровню инфляции и предоставляет ее в Банк Англии, чтобы он решил, какова будет политика для выполнения этой задачи. Если цель упущена более чем на один процентный пункт каждой стороной, главный управляющий Банком Англии должен отправить открытое письмо к главе казначейства объясняя, почему (и предложения Банка по этому вопросу).

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