Recent monetary policy: some theoretical aspects

• Autor(a) principal: Lima, Luiz Antônio de Oliveira
• Data de Publicação: 2004
• Tipo de documento: Relatório
• Idioma: por
• Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
• Texto Completo: http://hdl.handle.net/10438/3097
• topic: Inflation; Moeda endógena; Neutralidade monetária a longo prazo; Administração de empresas; Inflação; Taxas de juros; Política monetária

This research aims to present an overview of the present practices of monetary policy, known as simple monetary rules and inflation targeting. It will discuss the historical context in which this framework first appeared., and its implication specially that the monetary supply is endogenous.. The endogenerty hypothesis is the same one that some economists like Kaldor, Minsky, Davidson et al, had already made, but contrasting with these authors, the new doctrine makes the extreme assumption that although monetary policy is effective in the short run it is neutral in the long run. This hypothesis as well as its policy implications may be subject to several criticism which will be developped along this work.