Paul Lachine

L’America tra quantitative easing e rimbalzo economico

CAMBRIDGE – Non c’è dubbio sul fatto che l’economia americana abbia registrato forti segnali di ripresa alla fine del 2010. Che peso ha avuto in tutto ciò la cosiddetta manovra temporanea di “quantitative easing”, attuata dalla Federal Reserve americana? E che impatto avrà sull’economia americana nel 2011?

Fino al quarto trimestre dell’anno scorso, la ripresa economica degli Stati Uniti iniziata nell’estate del 2009 è stata decisamente anemica. Nei primi tre trimestri del 2010 il Pil è cresciuto in media a una velocità del 2,6% – che corrispondeva per lo più a un aumento delle scorte. Senza contare gli investimenti nelle scorte, il tasso di crescita delle vendite al dettaglio sarebbe stato inferiore all’1%.

Tuttavia, il quarto trimestre è stato del tutto differente. Il Pil annuale è cresciuto del 3,2% e le vendite al dettaglio sono aumentate fino a toccare un sorprendente tasso del 7,1% su base annua. È vero che tali risultati erano in parte dovuti a un netto declino delle importazioni; ma anche il tasso di crescita delle vendite al dettaglio verso gli acquirenti nazionali era salito del 3,4%.

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