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USA: Geldpolitik am Wendepunkt

Author

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  • Gustav Adolf Horn

Abstract

Der geldpolitische Kurs der amerikanischen Notenbank (im folgenden auch "Fed" genannt) steht nach der Straffung, die sie Anfang 1994 einleitete, erneut an einem Wendepunkt. Angesichts des nunmehr deutlich nachlassenden Expansionstempos der amerikanischen Wirtschaft verlaesst die Zentralbank mit ihrer Entscheidung, die Zinsen zu senken, ihre Position des "aufmerksamen Abwartens"(watchful waiting), die sie seit Februar diesen Jahres eingenommen hatte, und schlaegt einen expansiveren Kurs ein. Damit duerfte der Zinsgipfel dieses Zyklus trotz des im Jahresdurchschnitt noch kraeftigen Wachstums und noch bevor der Preisauftrieb seinen Hoehepunkt erreicht hat, ueberschritten sein. Ein solches Vorgehen liegt auf der Linie der geldpolitischen Strategie, die die Fed seit Mitte der achtziger Jahre verfolgt.

Suggested Citation

  • Gustav Adolf Horn, 1995. "USA: Geldpolitik am Wendepunkt," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, vol. 62(29), pages 501-506.
    • Handle: RePEc:diw:diwwob:62-290-2
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