美联储主席：货币政策与价格稳定.docx

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1、美联储主席：货币政策与价格稳定导读联邦公开市场委员会当前的首要任务是将通胀率降至2%。物价稳定是美联储的职责所在，也是经济发展的基石。抑制通胀需要时间，需要运用有力的政策工具来达到供需平衡。实现这一目标的过程中，需要经济增长在一段时期内低于趋势，可能引发就业市场疲软，这些都是降低通胀的代价。目前美国经济有从疫情冲击下恢复的趋势，劳动力市场仍然显示出强劲的动能，就业需求远大于供给。尽管7月通胀回落令人欣慰，但距离2%的通胀目标依然遥远。在7月加息至2.25%-2.5%后，当前政策利率水平处于长期中性利率附近，但鉴于通胀远高于目标、就业市场高度紧俏，美联储暂停加息为时尚早。随着政策立场进一步收紧，

2、放缓加息可能才是上策。通过回顾近50年的通胀治理经验，可以总结出以下三大教训：首先，美联储能够且应该承担起实现价格稳定的责任。美联储的工具主要是针对总需求发挥作用，使其更好地平衡总供给、进而实现价格稳定；其次，公众通胀预期能发挥重要作用。高通胀持续时间越长，通胀预期更容易上升且变得根深蒂固，导致自我实现；最后，在通胀回归目标水平前，要保证加息的决心不动摇。作者丨杰罗姆鲍威尔，美联储主席Jerome H Powell: Monetary policy and price stabilitySpeech by Mr Jerome H Powell, Chair of the Board of Go

3、vernors of the Federal Reserve System, at the Reassessing Constraints on the Economy and Policy economic policy symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, 26 August 2022.Thank you for the opportunity to speak here today.At past Jackson Hole conferences, I

4、have discussed broad topics such as the ever-changing structure of the economy and the challenges of conducting monetary policy under high uncertainty. Today, my remarks will be shorter, my focus narrower, and my message more direct.The Federal Open Market Committees (FOMC) overarching focus right n

5、ow is to bring inflation back down to our 2 percent goal. Price stability is the responsibility of the Federal Reserve and serves as the bedrock of our economy. Without price stability, the economy does not work for anyone. In particular, without price stability, we will not achieve a sustained peri

6、od of strong labor market conditions that benefit all. The burdens of high inflation fall heaviest on those who are least able to bear them.Restoring price stability will take some time and requires using our tools forcefully to bring demand and supply into better balance. Reducing inflation is like

7、ly to require a sustained period of below-trend growth. Moreover, there will very likely be some softening of labor market conditions. While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses

8、. These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain.The U.S. economy is clearly slowing from the historically high growth rates of 2021, which reflected the reopening of the economy following the pandemic recession. While the

9、latest economic data have been mixed, in my view our economy continues to show strong underlying momentum. The labor market is particularly strong, but it is clearly out of balance, with demand for workers substantially exceeding the supply of available workers. Inflation is running well above 2 per

10、cent, and high inflation has continued to spread through the economy. While the lower inflation readings for July are welcome, a single months improvement falls far short of what the Committee will need to see before we are confident that inflation is moving down.We are moving our policy stance purp

11、osefully to a level that will be sufficiently restrictive to return inflation to 2 percent. At our most recent meeting in July, the FOMC raised the target range for the federal funds rate to 2.25 to 2.5 percent, which is in the Summary of Economic Projections (SEP) range of estimates of where the fe

12、deral funds rate is projected to settle in the longer run. In current circumstances, with inflation running far above 2 percent and the labor market extremely tight, estimates of longer-run neutral are not a place to stop or pause.Julys increase in the target range was the second 75 basis point incr

13、ease in as many meetings, and I said then that another unusually large increase could be appropriate at our next meeting. We are now about halfway through the intermeeting period. Our decision at the September meeting will depend on the totality of the incoming data and the evolving outlook. At some

14、 point, as the stance of monetary policy tightens further, it likely will become appropriate to slow the pace of increases.Restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy

15、. Committee participants most recent individual projections from the June SEP showed the median federal funds rate running slightly below 4 percent through the end of 2023. Participants will update their projections at the September meeting.Our monetary policy deliberations and decisions build on wh

16、at we have learned about inflation dynamics both from the high and volatile inflation of the 1970s and 1980s, and from the low and stable inflation of the past quarter-century. In particular, we are drawing on three important lessons.The first lesson is that central banks can and should take respons

17、ibility for delivering low and stable inflation. It may seem strange now that central bankers and others once needed convincing on these two fronts, but as former Chairman Ben Bernanke has shown, both propositions were widely questioned during the Great Inflation period.Today, we regard these questi

18、ons as settled. Our responsibility to deliver price stability is unconditional. It is true that the current high inflation is a global phenomenon, and that many economies around the world face inflation as high or higher than seen here in the United States. It is also true, in my view, that the curr

19、ent high inflation in the United States is the product of strong demand and constrained supply, and that the Feds tools work principally on aggregate demand. None of this diminishes the Federal Reserves responsibility to carry out our assigned task of achieving price stability. There is clearly a jo

20、b to do in moderating demand to better align with supply. We are committed to doing that job.The second lesson is that the publics expectations about future inflation can play an important role in setting the path of inflation over time. Today, by many measures, longer-term inflation expectations ap

21、pear to remain well anchored. That is broadly true of surveys of households, businesses, and forecasters, and of market-based measures as well. But that is not grounds for complacency, with inflation having run well above our goal for some time.If the public expects that inflation will remain low an

22、d stable over time, then, absent major shocks, it likely will. Unfortunately, the same is true of expectations of high and volatile inflation. During the 1970s, as inflation climbed, the anticipation of high inflation became entrenched in the economic decisionmaking of households and businesses. The

23、 more inflation rose, the more people came to expect it to remain high, and they built that belief into wage and pricing decisions. As former Chairman Paul Volcker put it at the height of the Great Inflation in 1979, Inflation feeds in part on itself, so part of the job of returning to a more stable

24、 and more productive economy must be to break the grip of inflationary expectations.One useful insight into how actual inflation may affect expectations about its future path is based in the concept of rational inattention.When inflation is persistently high, households and businesses must pay close

25、 attention and incorporate inflation into their economic decisions. When inflation is low and stable, they are freer to focus their attention elsewhere. Former Chairman Alan Greenspan put it this way: For all practical purposes, price stability means that expected changes in the average price level

26、are small enough and gradual enough that they do not materially enter business and household financial decisions.Of course, inflation has just about everyones attention right now, which highlights a particular risk today: The longer the current bout of high inflation continues, the greater the chanc

27、e that expectations of higher inflation will become entrenched.That brings me to the third lesson, which is that we must keep at it until the job is done. History shows that the employment costs of bringing down inflation are likely to increase with delay, as high inflation becomes more entrenched i

28、n wage and price setting. The successful Volcker disinflation in the early 1980s followed multiple failed attempts to lower inflation over the previous 15 years. A lengthy period of very restrictive monetary policy was ultimately needed to stem the high inflation and start the process of getting inf

29、lation down to the low and stable levels that were the norm until the spring of last year. Our aim is to avoid that outcome by acting with resolve now.These lessons are guiding us as we use our tools to bring inflation down. We are taking forceful and rapid steps to moderate demand so that it comes into better alignment with supply, and to keep inflation expectations anchored. We will keep at it until we are confident the job is done.10