Fase crítica da política monetária

May 13 (Bloomberg) -- The Federal Reserve may soon need to raise interest rates, said John Taylor, the former Treasury official who devised the “Taylor Rule,” a formula for rate- setting based on the outlook for inflation and growth. “My calculation implies we may not have as much time before the Fed has to remove excess reserves and raise the rate" ... “Low interest rates led to the acceleration of the housing boom,” he said. “The boom then resulted in the bust, with delinquencies, foreclosures and toxic assets on the balance sheet of financial institutions in the United States and other countries.” Taylor said that though policy makers were well intended, they were mistaken in trying to “fine-tune” the economy after about a quarter of a century during which long and deep recessions had been avoided... Taylor said the Fed’s growing balance sheet is a “systemic risk” because it may be difficult to unwind quickly enough without igniting inflation. The Fed’s balance sheet has more than doubled since last September to about $2 trillion as it purchased government and corporate debt to help unfreeze credit markets and support banks’ demand for cash..." Vale ler o artigo completo para entender o debate atual sobre a política monetária: http://www.bloomberg.com/apps/news?pid=20601068&sid=aV6Pt8zrE3bI&refer=economy para traduzir use http://www.google.com/language_tools