Paul Lachine

¿Por qué hay tan poca inflación en Estados Unidos?

CAMBRIDGE – ¿A qué se debe la coexistencia en Estados Unidos de flexibilización cuantitativa y estabilidad de precios? O, como oigo decir a menudo: “¿Por qué la gran emisión monetaria por parte de la Reserva Federal no provocó más inflación?”

Es indudable que la inflación viene manteniéndose en niveles muy bajos. En los últimos cinco años, el índice de precios al consumidor creció a un ritmo anual de apenas el 1,5%. Y la medida de inflación preferida por la Reserva Federal (el índice de precios para gastos de consumo personal, con exclusión de alimentos y energía) también creció a un ritmo de apenas el 1,5%.

En cambio, durante el mismo período la compra de bonos a largo plazo por parte de la Reserva Federal llegó a niveles nunca antes vistos: más de dos billones de dólares en bonos del Tesoro y títulos con garantía hipotecaria, es decir, casi diez veces el volumen anual de compra de la década anterior. Solamente en el último año, el stock de bonos en el balance de la Reserva Federal aumentó más de un 20%.

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