Criteri Per Una Politica Monetaria Fuori Norma

PARIGI – Una delle caratteristiche che ha distinto la crisi finanziaria mondiale è stata l’introduzione generalizza di misure non convenzionali di politica monetaria da parte delle principali banche centrali. Abbiamo visto il potenziamento di strumenti come il sostegno del credito, l’allentamento del credito, l’allentamento quantitativo, gli interventi sulla valuta e sui mercati dei titoli, e la fornitura di liquidità in valuta estera – per citare solo alcune delle misure adottate.

Alcuni vedono queste misure come la continuazione della politica standard attraverso altri mezzi. Una volta che i tassi di interesse nominali non possono essere ulteriormente abbassati, le banche centrali usano altri strumenti per determinare la linea della politica monetaria. Sono arrivati alla fine della strada asfaltata, quindi devono azionare la trazione integrata a quattro ruote: espandono i loro bilanci ed iniettano liquidità in modo da influenzare la struttura delle rendite e dei profitti e quindi stimolare la domanda aggregata. Ma quando le banche centrali ritornano sulla strada maestra –cioè, quando abbandonano le misure fuori norma - devono ripercorrere il loro cammino, in primo luogo disfacendo le forme di politica non convenzionale, e solo allora rialzando i tassi di interesse.

Mi permetto di suggerire una visione diversa. Diciamo che i tassi di interesse fondamentali siano fissati ad un livello ritenuto opportuno per il mantenimento della stabilità dei prezzi, sulla base di valutazioni complessive e regolari delle condizioni economiche e monetarie. Seguendo la pratica standard, i tassi di interesse possono essere più o meno significativamente positivi, molto vicino a zero, o a zero.

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/bJtvtRC/it;
  1. Chris J Ratcliffe/Getty Images

    The Brexit Surrender

    European Union leaders meeting in Brussels have given the go-ahead to talks with Britain on post-Brexit trade relations. But, as European Council President Donald Tusk has said, the most difficult challenge – forging a workable deal that secures broad political support on both sides – still lies ahead.

  2. The Great US Tax Debate

    ROBERT J. BARRO vs. JASON FURMAN & LAWRENCE H. SUMMERS on the impact of the GOP tax  overhaul.


    • Congressional Republicans are finalizing a tax-reform package that will reshape the business environment by lowering the corporate-tax rate and overhauling deductions. 

    • But will the plan's far-reaching changes provide the boost to investment and growth that its backers promise?


    ROBERT J. BARRO | How US Corporate Tax Reform Will Boost Growth

    JASON FURMAN & LAWRENCE H. SUMMERS | Robert Barro's Tax Reform Advocacy: A Response

  3. Murdoch's Last Stand?

    Rupert Murdoch’s sale of 21st Century Fox’s entertainment assets to Disney for $66 billion may mark the end of the media mogul’s career, which will long be remembered for its corrosive effect on democratic discourse on both sides of the Atlantic. 

    From enabling the rise of Donald Trump to hacking the telephone of a murdered British schoolgirl, Murdoch’s media empire has staked its success on stoking populist rage.

  4. Bank of England Leon Neal/Getty Images

    The Dangerous Delusion of Price Stability

    Since the hyperinflation of the 1970s, which central banks were right to combat by whatever means necessary, maintaining positive but low inflation has become a monetary-policy obsession. But, because the world economy has changed dramatically since then, central bankers have started to miss the monetary-policy forest for the trees.

  5. Harvard’s Jeffrey Frankel Measures the GOP’s Tax Plan

    Jeffrey Frankel, a professor at Harvard University’s Kennedy School of Government and a former member of President Bill Clinton’s Council of Economic Advisers, outlines the five criteria he uses to judge the efficacy of tax reform efforts. And in his view, the US Republicans’ most recent offering fails miserably.

  6. A box containing viles of human embryonic Stem Cell cultures Sandy Huffaker/Getty Images

    The Holy Grail of Genetic Engineering

    CRISPR-Cas – a gene-editing technique that is far more precise and efficient than any that has come before it – is poised to change the world. But ensuring that those changes are positive – helping to fight tumors and mosquito-borne illnesses, for example – will require scientists to apply the utmost caution.

  7. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now