“Price stability”的意思、由来-开放百科全书

In the United States, the Federal Reserve Act (as amended in 1977) directs the Federal Reserve to pursue policies promoting “maximum employment, stable prices, and moderate long-term interest rates.”^[2] The Fed long ago determined that the best way to meet those mandates is to target a rate of inflation of around 2%; in 2011 it officially adopted a 2% annual increase in the personal consumption expenditures price index (often called PCE inflation) as the target.^[3] Since the mid-trend 1990s, the Federal Reserve's measure of the inflation trend averaged 1.7%, a mere 0.3% shy of the Federal Open Market Committee’s 2% target for overall PCE inflation. Trend inflation as measured by the price index of core personal consumption expenditures (PCE) – that is, excluding food and energy – has fluctuated between 1.2% and 2.3% over the past 20 years.^[4]

In managing the rate of inflation or deflation, information and expectations play an important role, as explained by Jeffrey Lacker, President of the Federal Reserve Bank of Richmond: "If people expect inflation to erode the future value of money, they will rationally place a lower value on money today. This principle applies equally well to the price-setting behavior of firms. If a firm expects the general level of prices to rise by 3 percent over the coming year, it will take into account the expected increase in the costs of inputs and the prices of substitutes when setting its own prices today."^[5]

References

1. ^{{cite web|url=https://www.ecb.europa.eu/mopo/strategy/pricestab/html/index.en.html|title="The definition of price stability", European Central Bank, on line (April 5 2017).|last=|first=|date=|website=|publisher=|archive-url=|archive-date=|dead-url=|accessdate=5 December 2017}}
2. ^Public Law 95-188 (Nov. 16 1977).
3. ^{{cite web|url=https://www.economist.com/blogs/economist-explains/2015/08/economist-explains-21|title=The Fed's plan to hike interest rates|publisher=|accessdate=5 December 2017}}
4. ^{{cite web|url=http://voxeu.org/article/fed-s-price-stability-achievement|title=The Fed’s price stability achievement: A case for Federal Reserve independence|first1=Stephen|last1=Cecchetti|first2=Kim|last2=Schoenholtz|date=28 March 2017|publisher=|accessdate=5 December 2017}}
5. ^{{cite web|url=https://www.richmondfed.org/press_room/speeches/president_jeff_lacker/2016/lacker_speech_20160321|title=The Outlook for Inflation and Inflation Expectations - Speech, Jeffrey M. Lacker, March 21, 2016 - Federal Reserve Bank of Richmond|website=www.richmondfed.org|accessdate=5 December 2017}}