Choques reais na política monetária

Sensacional, heim?

Bernanke came up with an ingenious solution. After being appointed chair of the Federal Reserve Board, he first created a system wherein each Federal Open Market Committee (FOMC) policymaker would forecast certain key variables, such as inflation and employment. Importantly, he asked policymakers to make their forecasts under the assumption of “appropriate monetary policy.” For each official, their long-run inflation forecast then revealed their actual policy preference. If a Fed official thought inflation would be 2 percent in the very long run, assuming optimal policy, then it was pretty clear that the official favored 2 percent inflation. Over time, it became clear that 2 percent inflation was indeed close to the consensus preference of Fed policymakers. 

After operating for a number of years under this regime, the media began to view 2 percent as the implicit Fed inflation target. That made it easier for Bernanke to later get Fed officials to agree to make official an inflation target of 2 percent (in 2012). 

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