Análisis de los principales instrumentos que integran la política monetaria convencional de la fed
Author | Calvo Vérgez, Juan |
Pages | 19-28 |
II. ANÁLISIS DE LOS PRINCIPALES INSTRUMENTOS
QUE INTEGRAN LA POLÍTICA MONETARIA
CONVENCIONAL DE LA FED
A) CONSIDERACIONES PREVIAS
Como es sabido, y con carácter general, a través del empleo del término
“política monetaria” se pretende designar a aquellas acciones que, en el pre-
sente caso, y por lo que interesa al objeto de nuestro estudio, son llevadas a
cabo por la Reserva Federal Norteamericana 8 con la finalidad de influir en la
disponibilidad y el coste del dinero y del crédito. Todo ello con el fin último
de alcanzar los objetivos económicos nacionales, ya que el coste del dinero
afecta a los tipos de interés (coste del crédito), incidiendo en consecuencia en
el desarrollo de la economía.
La política monetaria de la FED se proyecta sobre cualquier tipo de de-
cisión, tanto económica como financiera, susceptible de ser adoptada en
Estados Unidos. Y ello con independencia de los efectos económicos y finan-
cieros que dicha política pueda llegar a plantear en la actividad económico-fi-
nanciera del resto de Estados.
El principal objetivo de la política monetaria de la FED se concreta en
afectar al desarrollo de la economía a través de factores tales como la infla-
ción, el PIB o el empleo. Ello resulta posible mediante la influencia sobre la
demanda agregada de la economía y, en particular, sobre el consumo de bie-
nes y servicios. En definitiva, la política monetaria de la FED influye en la de-
manda principalmente a través de incrementos y disminuciones del tipo de
interés a corto plazo.
8Téngase presente a este respecto que en la Ley de la Reserva Federal de 1913 se le
otorgó a la Reserva Federal norteamericana la autoridad y competencia para establecer la
política monetaria de los Estados Unidos.
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