jueves, 24 de mayo de 2012

Política Monetaria: ¿Ha Muerto el "Objetivo de Inflación" (IT)?

Jeff Frankel escribió este editorial provocativo en el que sugiere que InflationTargeting ha muerto después de esta crisi mundial
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It is with regret that we announce the death of inflation targeting. The monetary-policy regime, known as IT to friends, evidently passed away in September 2008. The lack of an official announcement until now attests to the esteem in which it was held, its usefulness as an ornament of credibility for central banks, and fears that there might be no good candidates to succeed it as the preferred anchor for monetary policy.
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While the lack of response to asset bubbles was probably IT’s biggest failing, another major setback was inappropriate responses to supply shocks and terms-of-trade shocks. An economy is healthier if monetary policy responds to an increase in the world prices of its exported commodities by tightening enough to cause the currency to appreciate. But CPI targeting instead tells the central bank to tighten policy in response to an increase in the world price of imported commodities – exactly the opposite of accommodating the adverse shift in the terms of trade.
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En Macroblog, David Altig de la Reserva Federal en Atlanta responde
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Yo creo que IT aún es útil en una economía como México, pero seguro será un debate largo
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También les comparto este discurso  Monetary Policy Transparency: Changes and Challenges de Narayana Kocherlakota Presidente de la Fed Minneapolis, vale la pena porque argumenta de las dificultades en focalizar el desempleo como un objetivo de política monetaria.