THE FEDERAL RESERVE’S MONETARY POLICY AND ITS EFFECTS (2008-2020): AN AUSTRIAN PERSPECTIVE
DOI:
https://doi.org/10.52195/pm.v18i1.705Resumen
Este paper tem como objetivo descrever, segundo a Escola Austríaca de Economia, como as políticas monetárias adotadas pelo Federal Reserve a partir de 2008 (Quantitative Easing – QE, Qualitative Easing – QL e Zero Percent Interest Rate Policy – ZIRP) prolongaram os desajustes na alocação de recursos, enfraqueceram a economia americana (indivíduos e empresas tornaram-se mais dependentes de juros artificialmente baixos) e aumentaram os riscos e a alavancagem presentes no mercado financeiro. Argumenta-se que, após a adoção destas políticas, o Fed não seria capaz de normalizar a política monetária, o que se confirmou em 2019, quando Fed voltou a diminuir o FFR e a realizar QE, e, sobretudo, em 2020, quando retornou ao ZIRP e aumentou o QE. Conclui-se, portanto, que o Fed enfraquece a economia e aumenta a alavancagem do mercado financeiro. A economia real é prejudicada em detrimento do mercado financeiro (grandes empresas de capital aberto e instituições financeiras) e do governo (que aumenta seus gastos e endividamento).
Palavras-Chave: Escola Austríaca de Economia, Estados Unidos, Bancos Centrais, Federal Reserve, Política Monetária, Ciclos Económicos.
Classificação JEL: E14, E32, E43, E44, E52, E58, E62, H60.
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Referencias
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