Este es un tema muy debatido en la teoría económica así como en la praxis. Cuando los bancos centrales tienen un sólo objetivo, éste es el de estabilidad de precios o inflación. Este es el caso de la mayoría de los bancos que han obtenido su independencia en las últimas décadas. Sin embargo hay otros, como la FED, que mantienen un objetivo dual adicionando el mantener un bajo desempleo. En México se ha discutido este tema y ya lo he comentado en otras ocasiones. Pero en esta ocasión les comparto un artículo de John Taylor en donde propone que la FED se mueva a un sólo objetivo. La nota ataca fuertemente las acciones de QE2 recientemente tomadas y ya hemos documentado las fuertes críticas de Taylor a la FED desde hace par de años. Independientemente se sus posiciones de corte republicano, creo que su argumentación técnica sobre este tema es relevante para considerarla en nuestras discusiones. Desde una perspectiva académica me parecen muy relevantes y útiles. Algunos párrafos de su nota....
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Yet in the 1970s, Congress endangered the Fed's independence by tasking it with a dual mission: that of promoting "maximum employment," in addition to maintaining "stable prices." This dual mandate placed the central bank in the middle of heated political debates over economic and fiscal issues.
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For all of these reasons, Congress should reform the Federal Reserve Act, particularly the section of the act that establishes the Fed's dual mandate. The Fed should be tasked with the single goal of long-run price stability within a clear framework of overall economic stability. Such a reform would not prevent the Fed from providing liquidity, serving as lender of last resort, or cutting interest rates in a financial crisis or a recession.
Experience shows that a focus on price stability is the surest way for monetary policy to lay the groundwork for strong economic growth. The 1980s and 1990s had better economic performance than the stagflationary 1970s in part because the Fed did not waver from its primary goal of checking inflation. ....
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Yet in the 1970s, Congress endangered the Fed's independence by tasking it with a dual mission: that of promoting "maximum employment," in addition to maintaining "stable prices." This dual mandate placed the central bank in the middle of heated political debates over economic and fiscal issues.
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For all of these reasons, Congress should reform the Federal Reserve Act, particularly the section of the act that establishes the Fed's dual mandate. The Fed should be tasked with the single goal of long-run price stability within a clear framework of overall economic stability. Such a reform would not prevent the Fed from providing liquidity, serving as lender of last resort, or cutting interest rates in a financial crisis or a recession.
Experience shows that a focus on price stability is the surest way for monetary policy to lay the groundwork for strong economic growth. The 1980s and 1990s had better economic performance than the stagflationary 1970s in part because the Fed did not waver from its primary goal of checking inflation. ....
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