Novas medidas do Governo pressionam contas em 0,6% do PIB

[Antunes]

...a imperar!

Eu não consigo ver grandes diferenças na actuações da FED para combater essa possibilidade de deflação relativamente ao que foi feito pelo BoJ...

[djovarius]

Nas entrelinhas, poderia ser assim:

"Eu sei que a deflação viria a caminho aqui também, mas eu não vou deixar, podem ficar tranquilos, porque nós temos uma máquina que só nos dá alegrias".

[Antunes]

...em que ele deixa a parte relativa à inflação para o fim (em jeito de conclusão!) gostaria de salientar as seguintes partes:

"With the economy operating below its potential for much of the past two years and productivity growth proceeding apace, measures of core consumer prices have decelerated noticeably. Allowing for known measurement biases, these inflation indexes have been in a neighborhood that corresponds to effective price stability--a long-held goal assigned to the Federal Reserve by the Congress. But we can pause at this achievement only for a moment, mindful that we face new challenges in maintaining price stability, specifically to prevent inflation from falling too low.

This is one reason the FOMC has adopted a quite accommodative stance of policy. A very low inflation rate increases the risk that an adverse shock to the economy would be more difficult to counter effectively. Indeed, there is an especially pernicious, albeit remote, scenario in which inflation turns negative against a backdrop of weak aggregate demand, engendering a corrosive deflationary spiral.

Until recently, this topic was often regarded as an academic curiosity. Indeed, a decade ago, most economists would have dismissed the possibility that a government issuing a fiat currency would ever produce too little inflation. However, the recent record in Japan has reopened serious discussion of this issue. To be sure, there are credible arguments that the Japanese experience is idiosyncratic. But there are important lessons to be learned, and it is incumbent on a central bank to anticipate any contingency, however remote, if significant economic costs could be associated with that contingency. "

...


Quanto a mim, ele sabe mais do que diz sobre a inflação, ou melhor, a queda da inflação...