Когда «голуби» инфляции плачут

ПИТТСБУРГ – Недавно в журнале The Wall Street Journal была опубликована передовица, в которой говорилось, что «голуби» финансовой политики, предсказывавшие низкий уровень инфляции в США, одержали верх над «ястребами», утверждавшими, что ежемесячное приобретение Федеральной резервной системой долгосрочных ценных бумаг, или так называемое количественное смягчение (КС), вызовет ускорение роста цен. В статье все было правильно, и тем не менее она вводила в заблуждение, потому что в ней не упоминалось, почему в США сегодня такая низкая инфляция. Были ли «голуби» правы, или им просто повезло?

Правление ФРС США вбросило триллионы долларов из резервных запасов, но никогда еще такие массивные вливания не приводили к столь малому росту денежной массы. Этого не ожидали ни ястребы, ни голуби (и никто иной).

Монетаристы настаивают на том, что экономика переживает инфляцию, когда рост денежной массы постоянно превышает рост уровня производства. Такого пока не случилось, поэтому и инфляция затормозила.

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