Když inflační holubice pláčou

PITTSBURGH – Deník Wall Street Journal zveřejnil nedávno na titulní straně článek, podle něhož „holubice“ měnové politiky, které ve Spojených státech předpovídaly nízkou inflaci, získaly převahu nad „jestřáby“, kteří tvrdili, že měsíční nákupy dlouhodobých cenných papírů Fedem neboli takzvané kvantitativní uvolňování (QE) povedou k rychlejšímu růstu cen. Zpráva byla pravdivá, ale současně zavádějící, poněvadž se opomněla zmínit, proč je dnes v USA tak nízká inflace. Měly holubice pravdu, anebo jen štěstí?

Rada guvernérů Federálního rezervního systému rozpumpovala biliony dolarů rezerv, ale ještě nikdy se nestalo, aby takový objem rezerv vytvořil tak nízký měnový růst. To nečekali jestřábi ani holubice (ani nikdo jiný).

Monetaristé trvají na tom, že v ekonomice nastává inflace, když růst peněžní nabídky setrvale převyšuje růst výkonu. To se zatím nestalo, takže inflace se odkládá.

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