La amenaza para el prestigio de los bancos centrales

NUEVA YORK – El prestigio de los bancos centrales modernos se remonta en los Estados Unidos al comienzo del decenio de 1980, cuando Paul Volcker presidía la Junta de Gobernadores de la Reserva Federal. Al afrontar una inflación preocupantemente elevada y debilitante, Volcker declaró la guerra contra ella... y ganó. Al lograr una reducción de la inflación durante un largo período, hizo algo más que cambiar las perspectivas y los resultados económicos. También realzó en gran medida el prestigio de la Reserva Federal entre el público en general, en los mercados financieros y en los círculos normativos.

La victoria de Volcker quedó institucionalizada en la legislación y en procedimientos que concedieron a los bancos centrales una mayor autonomía y, en algunos casos, independencia oficial respecto de limitaciones políticas de muy antiguo. Para muchos, los bancos centrales a partir de entonces representaban la fiabilidad y el poder responsable. Dicho de forma sencilla, se podía confiar en que adoptaran las decisiones correctas y así fue.

Como cualquier ejecutivo empresarial confirmará, las marcas de prestigio pueden afectar al comportamiento. En esencia, una marca de prestigio es una promesa y las marcas sólidas de esa clase cumplen sus promesas coherentemente, ya se basen en la calidad, el precio o la experiencia. En algunos casos, se sabe que los consumidores han actuado confiando exclusivamente en la solidez de la marca e incluso comprando un producto con un conocimiento relativamente limitado de él.

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