Ontem Bernanke abriu a conferência “Monetary Policy in a Low Inflation Environment”. Como escrevi, sua apresentação careceu de “molho”. Em sua apresentação hoje Charles Evans (presidente do Fed de Chicago), trouxe mais “emoção” (aqui) (grifos no original):
In a nutshell, I think there are special circumstances when price-level targeting would be a helpful complement to our current and prospective strategies in the U.S. Clearly communicating an expected path for prices would help guide the public’s understanding of the Fed’s intentions while we carry a large balance sheet and promise continued low interest rates for an extended period.
E na conclusão:
My objective today has been a simple one: to discuss a policy tool that has received almost zero discussion, though it regularly comes out of careful analyses of mainstream economic models that we use to assess monetary policy options. We should put this policy tool on the table and debate its suitability to the current situation in the U.S.