En una entrevista reciente a O. Blanchard, economista en jefe del FMI, presenta interesantes comentarios a raíz de un documento que publicaron sobre reconsiderar a la macroeconomía después de esta crisis. este tema lo comentaré en otro post. Pero en la entrevista toca el siguiente punto
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IMF survey online: You argue that we should understand why, in many countries, central banks care more about the exchange rate than they admit, and we should draw policy conclusions. Can you explain?
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Blanchard: In many emerging market countries, while monetary authorities describe themselves as inflation targeters, they clearly care about the exchange rate beyond its effect on inflation.
They probably have good reasons to do so. Isn’t it time to reconcile practice with theory, and to think of monetary policy more broadly, as the joint use of the interest rate and sterilized intervention, to protect inflation targets while reducing the costs associated with excessive exchange rate volatility?
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IMF survey online: You argue that we should understand why, in many countries, central banks care more about the exchange rate than they admit, and we should draw policy conclusions. Can you explain?
.
Blanchard: In many emerging market countries, while monetary authorities describe themselves as inflation targeters, they clearly care about the exchange rate beyond its effect on inflation.
They probably have good reasons to do so. Isn’t it time to reconcile practice with theory, and to think of monetary policy more broadly, as the joint use of the interest rate and sterilized intervention, to protect inflation targets while reducing the costs associated with excessive exchange rate volatility?
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Este es un punto que he venido insistiendo desde hace tiempo y que esta contenido en el trabajo que publiqué con Javier Orellana para México en donde estimamos una Regla de Taylor para el Banco Central, pero en la cual el objetivo sobre el tipo de cambio resulta mucho más relevante que el de inflación. (el documento se puede accesar en la columna izquierda de este Blog)
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