Revisión y reformulación de la política monetaria para el Siglo XXI.
Palabras clave:
política monetaria, bancos centrales, desigualdad, cambio climático, política fiscalResumen
En un contexto caracterizado por dos graves crisis económicas casi consecutivas - la Gran Recesión y la crisis derivada de la Covid-19- y el agotamiento de la política monetaria convencional con los tipos de interés nominales situados en su límite inferior, se hace necesario reformular la actuación de los bancos centrales a través de nuevos instrumentos y objetivos multidimensionales para hacer frente a los retos a los que se enfrentan nuestras sociedades en el siglo XXI. En este marco, se integra este trabajo que pretende evaluar cómo ha evolucionado la política monetaria en los últimos años y cómo nuevos diseños de política monetaria podrían contribuir a paliar algunos de estos retos como son las elevadas desigualdades o el cambio climático. El trabajo distingue los "antiguos retos" de los "nuevos retos" a los que se enfrenta la política monetaria. También, el artículo afronta el encaje futuro de la política monetaria en la nueva política fiscal expansiva aplicada en todas las economías desarrolladas tras la crisis económica provocada por la pandemia de la COVID-19.
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